Free Trial

GBP & EUR reverse strong European morning.....>

FOREX
FOREX: GBP & EUR reverse strong European morning gains
- Gbp/Usd touched fresh post-Brexit highs of $1.4377 but failed to consolidate
gains after UK wage growth came in 0.2% shy of consensus. Rate held $1.4335/40
at the NY crossover before getting another shove lower after the strong earnings
release from Goldman Sachs boosted US equity futures. Gbp/Usd eventually touched
pullback lows of $1.4286.
- In a similar move to Gbp/Usd, Eur/Usd made a show above $1.24 but was quick to
pare gains after German ZEW data posted its first negative release since July
2016. Rate eased to $1.2336, before dip buyers emerged to hold $1.2360/70.
- Usd/Jpy was held to a narrow Y106.88-107.21 daily range, pulled around by JPY
cross flow.
- NZD continued heavy falling near-50 pips off the high to NZ0.7327 with main
focus on tomorrow's CPI release. Nzd/Jpy traded through the 100-dma to Y78.48.
- CHF was the worst G10 performer, Eur/Chf moved through Chf1.1900 for the first
time since the SNB removed the floor in 2015 to post highs of Chf1.1948.
- Main data highlights tomorrow from UK CPI & EMU final CPI.

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.