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FOREX: Another day, another YTD low in GBP/USD
-After a somewhat quieter Asia-Pac session, USD was in demand in early Europe,
lifting the greenback toward the top of the G10 leaderboard, losing out only to
the JPY and NZD. USD/JPY dropped below the Y111 handle and yesterday's low with
little difficulty, and now eyes a close below the 50-dma at Y110.85 and the July
31st low of Y110.75 for clues on any further downside.
-The mix of USD strength and further Brexit pessimism (UK press today focuses on
potential Conservative leadership contest as well as the prospects for a 'no
deal' outcome in Brexit negotiations) has sent GBP/USD to fresh YTD lows but so
far the $1.29 handle has held. Support below $1.29 begins to kick in at around
-NZD is the second best performer among the majors as the RBNZ 2-yr inflation
expectation metric was revised higher, allowing NZD/USD to clear resistance
ahead of Tuesday's high and prompting a brief break below NZ$1.10 in AUD/NZD.
-Once again, the data calendar is light and attention turns to a speech from
Fed's Barkin and the RBNZ rate decision at 2200BST.