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FOREX: PMIs Tip GBP to Top of G10

FOREX
  • European PMI numbers from across France, Germany as well as the UK painted a picture of a solid services sector, and slightly lagging - but resilient - manufacturing. The UK numbers were a particular highlight, as both services and manufacturing topped forecasts, helping GBP/USD extend recent outperformance to hit a recovery high of 1.3129 ahead of the NY crossover. 1.3142 provides the next key level, the bull trigger located at the mid-July'23 high.
  • CHF also trades well, and is the firmest performer in G10 FX. EUR/CHF has printed a fourth consecutive session of lower lows as funding currencies more broadly gain a tailwind from the dovish repricing of the Fed policy outlook. This contrasts, however, with the JPY - which is more rangebound alongside an MNI interview with former BoJ board member Sakurai, who sees no space for the BoJ to raise rates further until Q1 next year.
  • Weekly jobless claims data from the US takes focus going forward, as well as the flash reading for US PMI. The sensitivity of markets toward US labour market data has increased in recent weeks, and today's release will also be gauged in the wake of yesterday's CES revisions - which saw a benchmark revision of -818k jobs. 
  • The Jackson Hole Policy Symposium officially kicks off today, with welcoming remarks and opening events scheduled - nonetheless, the key speeches are set for tomorrow, as both the Fed Chair Powell and BoE Governor Bailey make appearances.
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