GBP inches to fresh recovery highs -Support...>

FOREX: GBP inches to fresh recovery highs

-Support for GBP emanating from comments from EU's Juncker late yesterday fed

well into the Asia-Pac session and helped GBP/USD climb to a fresh recovery high

at $1.2582. With hopes of a deal becoming more baked in by October 31st,

near-term GBP implied vols have retreated slightly this morning.

-Following yesterday's unchanged SNB decision, CHF has had a second wave of

strength Friday morning, helping pressure EUR/CHF closer to 50-dma support at

1.0940. Sight deposits data due Monday will provide some colour on just how much

the currency's strength has been managed this week.

-Elsewhere, NZD is nearing in on the early September cycle lows at $0.6269 on

little news, with a break of the mark seen opening another leg lower. There's

little on the NZ calendar until trade data due early next week and the RBNZ rate

decision on Sep25 - although most analysts see unchanged rates.

-Today's calendar is bereft of major data releases, with just Canadian retail

sales and Eurozone consumer confidence on the docket. Fed's Williams, Rosengren

and Kaplan are due to speak as well as ECB's Visco.