CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GBP Buoyed by Expected Brexit Trade Announcement

GBP
MNI (London)
  • Reports that a Brexit trade deal was close to agreement provided GBP a boost during the NY session, allowed GBP/USD to push up to $1.3571 before rate lost momentum, eased to $1.3466 before closing at $1.3492.
  • Positive sound bites for an announced trade deal buoyed GBP in Asia taking GBP/USD to $1.3563, just shy of Wednesday's high, but GBP retained a firm tone in Europe.
  • BBC reported that PM Johnson is due to speak to the EU Chief around 0700GMT with a press conference to follow around 0800GMT.
  • If this proves correct and a deal is announced focus will switch to ratification by an expected UK parliament return next week, though EU parliament likely to only ratify after Dec31(official UK leaving date).
  • Resistance remains at $1.3563/71, a break to expose $1.3600 ahead of the recent high at $1.3624(Dec17) with further resistance seen at $1.3650 ahead of $1.3677(76.4% $1.4377-1.1412/ Equality move $1.1.3135-1.3624 off $1.3188). Support $1.3466, $1.3400.
  • Christmas Eve and most of Europe will be closed for the holidays so liquidity likely to be thinner than usual which will provide for volatile conditions.
  • MNI Techs: GBP/USD move higher retains the recent uptrend and exposes last week's 1.3624 high. A break of this level would confirm a resumption of the uptrend and open 1.3677, a Fibonacci retracement. On the downside, 1.3135, Dec 11 low remains key support. Initial support is at 1.3304, Dec 22 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.