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GBP Edges Off Early Gains

FOREX
  • GBP was bid from the European open, with GBP/USD benefiting on the way up to 1.3758 as markets eyed recent signs that UK COVID case growth could have topped out, and awaited comments from BoE's Broadbent. The MPC member flagged near-term upside risks to the inflation outlook, but posited that this would subside in time. GBP is off the best levels of the session but remains one of the firmest currencies in G10.
  • NZD, USD and CAD are among the poorest performers so far Thursday, slightly reversing the price action over the past few sessions.
  • The ECB rate decision takes focus going forward, with no changes in policy expected today, but markets are likely to laser in on the explanation and justification behind the ECB's strategy review that resulted in a symmetric inflation target. The decision is due at 1245BST/0745ET with the press conference following 45 minutes later.
  • In the first real data releases of the week, US weekly jobless claims, existing home sales and the Chicago National Activity Index all cross later today. Eurozone consumer confidence is also due.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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