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GBP and Haven FX Lead G10 Charge As Dollar Strength Abates

FOREX
  • The greenback's ascent this week was halted on Thursday as US yields slipped lower and risk sentiment waned. JPY and CHF were the biggest movers, rallying just over 0.5% as equities also took a knock. The dollar index retreated 0.2%.
  • Equally buoyant was GBP, that took its lead from a technically induced move lower in EURGBP during European hours, breaking back below 0.8560. Late dollar weakness helped GBPUSD (+0.5%) regain some poise towards the best levels of the week.
  • Notably narrow range for EURUSD (1.1805-1.1841) over the ECB statement and press conference. The single currency firmed slightly off the lows on reports that ECB to buy 60-70bln in PEPP per month (with flexibility), coinciding with Bund futures rolling off the session highs.
  • The minor Thursday uptick does little to change the overarching outlook and need to top resistance at 1.1909, the Jul 30 and Sep 3 high to progress higher. The support to watch is 1.1735, Aug 27 low. A move through this support would instead suggest the recent rally is over.
  • European industrial production data features in a quiet early calendar, however US PPI and Canadian August employment may prompt some action, headlining the US session data docket.
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