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UK covid cases stay high. Cable nears 1.38

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UK continues to report high cases

UK continues to report high cases

UK covid cases reported today are 10,476, which is just below yesterday’s four-month high of 11,007.

Hospitalizations have risen 43% in the past week and the delta variant is dominant. We’re still a long ways from the 60,000 cases per day in January but with pubs packed for Euro 2020, I don’t see how this gets better any time soon.

The drop in cable is mostly a result US dollar strength following the Fed move but if the UK can’t get control of covid, it will widen rate differentials and the expected path of tightening.

Technically though, there’s good support at 1.3800 and just below with the April 29 low at 1.3787.

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