MNI BRIEF: December Fed Cut 'Absolutely Not' Off Table - Daly

MNI China Daily Summary: Tuesday, Dec 3

MNI BRIEF: China-Based UK Firms Facing Challenges

MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI: US BLS: JOLTS OPENINGS RATE 7.744M IN OCT

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Attention on UK Data Dump at 0600GMT

GBP
MNI (London)
  • Rejection from the $1.3670 area Monday(rate touched $1.369, $1.3670 Mar25 low) picked up momentum through the 0800BST fix, pushed on to a high of $1.3777 into early NY.
  • This recovery in the GBP allowed EUR/GBP to ease back within its key 1.0% 10-dma envelope which relieved some of the recent negative pressure seen on sterling.
  • However, as cross settled around the top of the envelope (Gbp0.8664, by time currently at Gbp0.8677) GBP/USD settled back around $1.3740 through the balance of the NY session.
  • GBP/USD edged to $1.3756 in early Asia before the USD picked up demand which eased rate to $1.3726, though the pullback was fairly muted when compared to EUR/USD, which in turn allowed the cross to ease to Gbp0.8657, and back within the mentioned envelope.
  • Support $1.3723(50% $1.13669-1.3777) ahead of $1.3710/95(61.8%-76.4%), a break here to turn attention back on the $1.3670 area. Resistance $1.3756, $1.3777/83(Apr12/08 highs), stronger into $1.3800.
  • UK data dump at 0600GMT, IP(median 0.5%mm, -4.5%yy), Mfg(median 0.5%mm, -5.1%yy), monthly GDP (median 0.5%mm, -190.0% monthly 3m/3m) , Trade, Construction Output.
  • US CPI (median 0.5%mm, 2.5%yy; core 0.2%mm, 1.5%yy) viewed key for USD direction.
  • MNI Techs: GBPUSD maintains a softer tone and is trading closer to the lower end of its recent range. Firm resistance is at 1.3919, Apr 6 high. Also, a former bull channel drawn off the Nov 2, 2020 low highlights a key resistance at 1.3959. Clearance of 1.3919 and 1.3959 is required to strengthen a bullish argument. Attention is on key support 1.3670, Mar 25 low. A clean break would resume the downtrend and open 1.3641, a Fibonacci retracement.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.