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FX SUMMARY- Busy GBP

FOREX
  • USD stays mixed since the cash Govie open.
  • The standout overnight has been the Kiwi, up now 0.50%, but just off its best levels, after the New Zealand second quarter inflation broke through the CB's range.
  • This saw Westpac changing their calls, to a punchy three 25bps hikes this year (August, October, November).
  • Initial upside resistance in NZDUSD is seen at 0.7045.
  • Most of the morning action was in the Pound, with another round of selling hitting the Pound, and Cable traded below 1.3800, Tuesday's low.
  • Delta variant spike and a mess with the NHS Covid app, is weighted on the British Pound, with the country set to fully re-open on the 19th.
  • Desk reported some demand below 1.3800, and Cable faded all the early losses to trade at session high 1.3862.
  • There was no clear catalyst, but market participants still favour fading the bid, and we now trade at 1.3831.
  • Looking ahead, US Retail sales in the notable data. US Fed Williams (Voter, leaning Dove) is the scheduled speaker.
  • At 12.30BST/07.30ET: The President participates in the Asia-Pacific Economic Cooperation Leaders' Virtual Retreat,
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