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FOREX: GBP Off Bailey Lows, No New Messaging

FOREX
  • A feature interview with the FT from BoE's Bailey managed to send GBP lower, as wires quoted Bailey as saying that he sees "four UK interest rate cuts next year" - a more aggressive easing path than market pricing - however the GBP losses were swiftly reversed as the details of the interview showed he said little new, and was indeed referring to market pricing, rather than the BoE view.
  • As such, GBP/USD's print down at 1.2630 was brief, with the pair rallying well off lows to trade flat-to-higher headed into the NY crossover.
  • Antipodean currencies trade poorly, with AUD softer against all others on the back of the Q3 GDP print overnight. Q/Q growth rose by +0.3% vs. Exp. +0.5%, with the Y/Y print also slower than forecast at +0.8% vs. Exp. +1.1%. AUD/USD slipped to 0.6408 pullback lows, with that level again under pressure headed into the US session. Support is seen layered below current levels at 0.6389/63/50.
  • The ADP Employment Change print is the calendar highlight Wednesday, with markets expecting 150k jobs added for November - a print swiftly followed by the ISM Services Index, which is expected to broadly match October's 56.0 release.
  • The central bank speaker slate is particularly busy. Speeches from ECB's Lagarde, Makhlouf and Nagel are due, as well as Fed's Powell, Daly, Musalem and Barkin. 
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