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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.
EURGBP
- EURGBP is most interesting here, having closed below the 0.8500 mark for the first time since August 2022 on Friday. Further weakness has seen the cross clear support at 0.8484, the May 29 low and bear trigger, confirming a resumption of the downtrend. Sights are on 0.8408 next and 0.8340 below here. Resistance moves down to 0.8519, the 20-day EMA.
- Positioning dynamics may also be adding weight to the potential for EURGBP to break lower. Latest CFTC data showed a modest increase in the EUR net long preceding the ECB’s hawkish economic revisions, and the swift reversal post-NFP will likely be adding pressure to any fresh bullish exposure.
- Concurrently, GBP net length is the largest across G10 at 16.1% of open interest, supported by expectations for a first cut from the BOE continuing to be pushed back, now seen by November.
- Tomorrow’s UK labour market report presents the next data point of interest for the cross. Expect our full preview of that release to cross this afternoon.
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.
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