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EURGBP Maintains Upward Trajectory, EURNOK Extends Gains To 1.5%

FOREX
  • The Euro maintained its more supportive price action that has seen some Euro crosses extend on impressive recoveries since Friday, following a slew of central bank speakers at and following the Jackson Hole Symposium.
  • EURGBP stood out on Wednesday, having rallied to near two-month highs and extending the bounce to roughly 3% from last week’s lows. The cross has cleared a number of short-term resistance points, strengthening the current bullish outlook and attention now turns to 0.8679, the Jul 1 high and a key resistance.
  • Price action coincided with a notable bounce in EURUSD approaching the WMR month-end fix, breaking a short-term downtrend in the process and trading within 10 pips of the post ECB sources high of 1.0090 from last Friday.
  • NOK was the notable underperformer in G10 on Wednesday, following confirmation from the Norges Bank that they are to sell NOK 3.5bln per day across September (effectively buying more FX for the sovereign wealth fund). This is a notable uptick in FX activity from the August rate of NOK 1.5bln per day, as announced at end-July. EUR/NOK now through 9.90 and trading at highest levels since early-August, narrowing the gap with next key resistance at the 200-dma of 10.0076.
  • The greenback continues to consolidate with the USD index broadly respecting the 108.50-1.09 range ahead of more significant employment data on Friday.
  • On Thursday, Chinese Caixin Manufacturing PMI due overnight before German retail sales and Swiss inflation data. Final releases of European PMIs will also be published. In the US, jobless claims and ISM Manufacturing PMI data highlight the docket.
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