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      UK: Soft data weighing on cable – TDS

      FXStreet (Delhi) – Ned Rumpeltin, European Head of Currency Strategy at TD Securities, note that today’s weaker data releases from the UK are weighing on the overall strength of the pound.

      Key Quotes

      “PSNB x-Banks was slightly weaker than expected in August. We continue to run ahead of schedule in narrowing the deficit but more self-assessment receipts seem to have been received in July rather than August this year.”

      “The September CBI Industrial orders survey was also weaker than expected, in falling from 0 to –7, but this simply unwound the unusual strength in the survey last month. But with markets more reactive to dovish surprises, the negative headlines on soft export orders weighted on cable.”

      Treasury yields hit by risk aversion

      The European equity markets declined sending investors running for cover in traditional safe haven assets including US treasuries.
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      USD/TRY off highs post CBRT

      The Turkish lira is depreciating beyond the 3.00 handle vs. the dollar on Tuesday, taking USD/TRY to as high as the 3.0360 area...
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