MNI China Daily Summary: Friday, April 26

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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GBP Downdraft Erased, Cable Little Changed

FOREX
  • Another session of monumental price action for GBP, with the currency spiralling in early Asia trade to put GBP/USD at record lows of 1.0350. The extension of weakness after last week's BoE Decision / Mini-budget had prompted unparalleled volumes spikes across Asia-Pac futures markets early Monday, with data suggesting a flurry of smaller orders were responsible, larger than one or two large trades.
  • Price action has largely reversed ahead of the NY open Monday, with GBP/USD recouping losses to trade just below the $1.08 handle. Sentiment still clearly remains weak however, but a strong technically oversold condition could limit losses from here.
  • Elsewhere, the USD Index continues to creep higher, with the gauge printing a fifth consecutive session of higher highs. EUR/USD holds below the $0.97 level, with $0.9554 printed overnight and marking the new low watermark for the pair.
  • Focus turns to the central bank speakers slate, with EC's Lagarde, Centeno and de Cos on the docket as well as Fed's Collins, Bostic, Logan and Mester. BoE's Teneyro also makes an appearance - comments that will likely be carefully watched given the volatility in UK rates expectations so far Monday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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