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Free AccessCable Edges Away From Fresh YtD Lows Overnight
The latest round of post-CPI USD strength has allowed cable to extend its move below $1.3400, with lows of $1.3353 registered overnight (the lowest level seen since Dec '20). Still, the lack of fresh catalysts and a pullback from Asia-Pac highs in U.S. Tsy yields has seen the broader DXY back from its fresh YtD highs, leaving GBP/USD virtually unchanged on the day at typing, last printing $1.3370.
- A Times article, released overnight, has noted that UK "Ministers will today attempt to de-escalate tensions with the European Union over Northern Ireland and assure Brussels that Boris Johnson does not want to trigger Article 16. Lord Frost, the Brexit minister, will signal to Maros Sefcovic, the EU's chief negotiator, that the government will renew efforts to get a deal on the controversial Northern Ireland protocol and enter intensive talks over the next few weeks. Sources said that Frost was keen to emphasise to Sefcovic that while the UK had reservations about the commission's proposals to reduce checks on goods crossing between Britain and Northern Ireland, they could, with changes, form the basis of an agreement." This hasn't been reflected in price action, with nothing in the way of GBP outperformance noted on G10 FX crosses.
- Our technical analyst notes that GBP/USD remains soft. The pair traded sharply lower Wednesday and has breached support at the Sep 29 low. This confirms a resumption of the current bear trend and paves the way for an extension lower short-term. A doji candle pattern Tuesday highlighted the likelihood of a resumption of weakness following a corrective bounce between Nov 5 - 9. The focus is on $1.3334 next, a projection from the Sep 14-Sep 29-Oct 20 price swing. Firm resistance has been defined at the Nov 9 high ($1.3607).
- There isn't much in the way of notable FX options expires to be concerned with come today's 10AM NY cut.
- Focus will fall on the broader macro cues and the aforementioned Brexit discussions.
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Why MNI
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