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GBP Bouncing, USD Creeping Lower

FOREX
  • GBP trades well, with the currency recouping recent losses to climb to the top of the G10 leaderboard early Monday. The UK enters the second stage of the lifting of lockdown restrictions Monday, with non-essential retail and outdoor hospitality opening for the first time in months. EUR/GBP eyes the 50-dma as next support at 0.8637, but a break below would extend the reversal of last week's rally.
  • Oil-tied currencies are at the bottom-end of the table, with NOK and CAD softer, but within ranges, while WTI and Brent crude futures hold below first resistance.
  • The USD trades at the day's lows ahead of the NY crossover, edging lower while equities bounce off the overnight lows. The e-mini S&P is in minor negative territory, although well within range of the all time highs posted last week.
  • There are no tier 1 data releases due Monday, with focus remaining on scheduled speeches from Fed's Rosengren, BoE's Tenreyro and ECB's de Cos. The beginning of earnings season remains in view, with large-cap US bank names kicking off reporting tomorrow.
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