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GBP cracks under pressure as EU leaders.......>

FOREX
FOREX: GBP cracks under pressure as EU leaders hold firm on the backstop
-GBP/USD hit a fresh multi-year low Friday, slipping briefly through $1.2382
support as EU leaders hit back firmly against the newly minted PM Johnson's
ideas to remove the Irish backstop from any Brexit agreement with the EU. Both
the Irish PM and German Chancellor Merkel asserted that there will be no Brexit
deal without the backstop, and the only part of any deal that is open for change
is the political declaration. AUD also fared poorly, extending the recent losing
streak to six consecutive sessions. Recent cycle lows at $0.6832 are now within
sight.
-GBP/USD's decline wasn't helped by a much firmer greenback, which rallied
against all others in G10, boosting the USD index to the best levels since early
June. A better set of GDP figures for Q2 and reports stating that the White
House have ruled out any form of currency intervention to weaken the USD.
-The Fed decision takes focus next week, but regional German CPIs, the Bank of
Japan and Bank of England rate decisions and CPI/GDP data for the Eurozone and
the Nonfarm payrolls release for June.
Energy BulletsCommodities
Energy BulletsCommodities

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