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Dollar Dropped, Sterling Stronger

FOREX
  • GBP is stronger early Monday, with GBP/USD bid to just shy of the 1.3015 50-dma as reports suggesting the UK could edit and rewrite the more quarrelsome elements of the UK Internal Market Bill support sentiment. The BBC have further reported that EU/UK negotiators are to re-engage today.
  • The USD is the poorest performer in G10 so far today, with higher equity futures largely responsible. The e-mini S&P sits just below Friday's 3,508.50 high.
  • Chinese GDP data missed expectations, with China growing 2.7% in Q3 vs. Exp. 3.3%, anchoring the Y/Y growth rate to 4.9% vs. Exp. 5.5%. This initially pulled stocks and commodity-tied currencies a little lower, but the likes of AUD and NZD are regaining ground ahead of NY hours. The latter is outperforming following the landslide victory for Ardern's Labour party in weekend elections.
  • Data is few and far between Monday, with focus turning to a plethora of central bank speakers - most notably ECB's Lagarde, Fed's Powell and BoE's Broadbent.
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