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GBP Makes Furtive Gains as Sunak Heads to No. 10

FOREX
  • G10 FX price action has been more muted so far Tuesday, with GBP making furtive gains as incoming PM Sunak looks to take the reins from outgoing PM Truss later today. Nonetheless, GBP holds below weekly highs printed against USD and EUR so far, making 1.1409 key intraday resistance for GBP/USD today.
  • PM Sunak is expected to announce the first positions in his cabinet later today, with Chancellor, Home Secretary, Foreign Secretary and Defence Secretary expected to be confirmed.
  • Meanwhile, CHF is the poorest performer in G10, extending the quiet near-term uptrend in EUR/CHF that's put the cross at a multi-month high today at 0.9901. This narrows the gap with 0.9962 - the 50% retracement of the June - September downleg and a break above here puts the cross on course for a test of the 1.0072 200-dma.
  • Greenback trade has been more muted, with the USD Index either side of the 112.00 handle, keeping the USD toward the lower-end of the recent range.
  • Tier one data releases are few and far between Tuesday, with US consumer confidence the highlight. Both Fed and ECB remain in their pre-rate decision media blackouts, leaving CB speaker risk very low for now. BoE's Pill is on the docket, speaking on ONS statistics.
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