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GBP on Top Ahead of No Confidence Vote

FOREX
  • GBP has been the focal point for G10 currency markets so far Monday, with the PM Boris Johnson facing a no confidence vote from his lawmakers this evening. Johnson is expected to win the vote, which requires 180 of his lawmakers voting against him to be upheld. This would make the PM immune from further no confidence votes for the next 12 months - potentially removing an element of political uncertainty.
  • EUR/GBP has reversed off this morning's 0.8590 multi-week high to turn lower - narrowing in on the Friday low of 0.8540. A break below here opens the next key levels of support at 0.8506/8433, marking the 20-day EMA and May 23 low.
  • The greenback is the weakest currency in G10, prompting the USD Index to partially reverse last Friday's gains. This puts the index back on course to test the key support at the 50-dma, which today sits at 101.71.
  • Lastly, commodity-tied currencies are trading well, putting CAD and NOK near the top of the G10 pile. Oil-tied FX continue to take a lead from oil prices, with Brent futures holding either side of the $120/bbl level.
  • Looking ahead, data and central bank speakers are few and far between, with markets now in the media blackout periods for both the ECB as well as the Fed.
Energy BulletsCommodities
Energy BulletsCommodities

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