MNI China Daily Summary: Wednesday, November 20

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FOREX: USD Buying Persists, EUR/GBP Could See Routine Dip-Buying

FOREX
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  • The persistent, but gradual, grind higher for US yields across the morning continues to make itself felt via a stronger USD into the NY crossover, cementing the USD's position as best performer on the day. As a result, no surprise to see EUR/USD and GBP/USD inch to new daily lows, with EUR/USD now just 25 pips off yesterday's lows and first support.
  • EUR/GBP sales on the back of the stronger UK CPI print this morning have met demand at the lows, keeping markets in proximity of the longer-term range-defining support at the ~0.83 level, tests of which have resulted in strong dip-buying in the cross.
  • BoE's Ramsden is set to comment on monpol later today - a rare occurrence - and could draw focus following the TSC testimony yesterday, after new appointee Taylor lined up as the second most dovish member (after Dhingra). As such, markets will take note of where Ramsden sits as part of this new MPC layout.
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  • The persistent, but gradual, grind higher for US yields across the morning continues to make itself felt via a stronger USD into the NY crossover, cementing the USD's position as best performer on the day. As a result, no surprise to see EUR/USD and GBP/USD inch to new daily lows, with EUR/USD now just 25 pips off yesterday's lows and first support.
  • EUR/GBP sales on the back of the stronger UK CPI print this morning have met demand at the lows, keeping markets in proximity of the longer-term range-defining support at the ~0.83 level, tests of which have resulted in strong dip-buying in the cross.
  • BoE's Ramsden is set to comment on monpol later today - a rare occurrence - and could draw focus following the TSC testimony yesterday, after new appointee Taylor lined up as the second most dovish member (after Dhingra). As such, markets will take note of where Ramsden sits as part of this new MPC layout.