The bull camp in the Pound has to be discouraged this morning as the strongest mortgage approval ratein the UK since the sub prime crisis, a rise in UK consumer credit and a rise in February UK manufacturing PMIreadings should have put the Pound into another fresh upside breakout on the charts. However, as suggested inthe Swiss coverage, the Pound, Swiss and US stocks might have been priced for perfection into their recent highsand the Ukraine situation simply puts a fly in the ointment. While we think that this Friday US payroll result couldbe the low water mark for weather impacted US stats, a risk off vibe might pull the Pound back toward up trendchannel support down at 1.6664.
