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GBP on the Up as Pill Fails to Repeat Mid'24 Cut Messaging

FOREX
  • Having traded mid-table for much of the European morning, GBP is now modestly outperforming as markets eyed comments from BoE's Pill, who moved markets earlier in the week in suggesting that it's reasonable to expect rates could be cut by mid'24. He didn't repeat that messaging today, stressing that the BoE cannot "declare victory on inflation" and that restrictive policy will be maintained for an extended period.
  • GBP/USD recovered above the 1.23 handle in response, narrowing the gap with next resistance levels at 1.2313, the 38.2% retracement of the week's range. 1.2335 would be next, marking the mid-point of the hi-lo since Monday.
  • NZD is the firmest currency in G10, but the NZD/USD pair remains within a range. The pair has recovered off yesterday's 0.5906, but remains below the Wednesday high.
  • The single currency is trading less favourably, with the EUR lower against all others. ECBspeak so far Thursday has provided few surprises, but both Villeroy reinforced the view that rates are unlikely to rise further from current levels.
  • In contrast to yesterday's Fedspeak, today's FOMC speakers are more explicitly commenting on the current economic outlook and policy. Barkin's comments will be carefully eyed as the Richmond Fed rotates back into a voting seat next year, and he speaks on the economic outlook at a webcast with MNI. Fed's Powell also appears at an IMF conference and is set to comment on policy, with a confirmed text release also set.
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