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Cross Clears June Support, Slips to Lowest Since August '22

  • EURGBP again testing the earlier lows headed through early NY hours to print the lowest levels since late August last year. Support at the late June lows of 0.8518 has dented the near-term outlook, and clears the way for a test of the 76.4% retracement support at 0.8454.
  • UK jobs data out this morning continues to provide an underlying bidtone for GBP, with wages topping expectations - although signs of a looser jobs market elsewhere, namely the unemployment rate, have capped excessive strength.
  • Price action persists as BoE terminal rate expectations continue to build a premium over the ECB equivalent (yesterday marked the first time in 18 sessions (and just the 2nd time since the beginning of June) that ECB terminal rate pricing rose while BoE implied fell.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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