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FOREX SUMMARY

FOREX
  • A really busy session for FX, with global PMIs driving price action.
  • Story of the day has been selling across the board of EUR and GBP, while USD extended gains against most currencies.
  • The pound lost the whole of the week gains, on the risk tone, USD bid and the lack of progress in Brexit negotiations.
  • It's been a one way move lower for GBP today extending losses against USD and JPY down 1.01% and 1.1% respectively at one point.
  • A decent 185 pips range in Cable.
  • Despite the strong US PMI, with fastest increase in production since January 2019 and a pullback higher in Equities, USD upside has gathered further upside momentum heading into the weekend.
  • In EMFX, TRY didn't take the NatGas news positively,
  • Desk suggested that the 320bn was only half of some of the speculative numbers floating around.
  • As reported by RTRS: "There is a natural gas finding in the Tuna 1 well," the source said. "The expected reserve is 26 trillion cubic feet or 800 billion cubic metres, and it meets approximately 20 years of Turkey's needs.".
  • USDTRY is now up 0.67% at 7.3436 at the time of typing.
Energy BulletsCommodities
Energy BulletsCommodities

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