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GBP Hampered by Strong EUR/GBP Demand

GBP
  • GBP/USD reversing just over 30 pips off the session's best levels, largely led by EUR/GBP, to put the pair within range of yesterday's lows at 1.2685. EUR clearly the active currency so far Wednesday, with EUR futures volumes holding up well relative to quieter GBP, AUD and JPY futures markets.
  • Gilt futures also playing a role as yields are seen 4-6bps lower across the curve, with bull steepening seen (see more on the move above), and light volumes across SONIA futures seeing the contracts draw some light support from the bid in the UK long end.
  • No UK data due this week outside of the Nationwide House Price stats for December. Local newsflow focused on potential pre-election measures from the Conservative Party in 2024, including support for first time property buyers, while a number of newspapers write on the possibility of a '24 BoE rate cut.
  • The Times: "The chancellor raised hopes last week that the Bank of England will be able to relax some of the pressure on households and businesses by cutting rates from their highest level in 15 years of 5.25 per cent."
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