RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GBP Softens, Erasing Week's Stronger Start

FOREX
  • Having outperformed during the first half of the week, GBP slipped to the bottom of the G10 pile early Friday, with decent volumes going through on the fall from ~1.3760 to ~1.3735 and from ~1.3740 to the day's lows of 1.3717.
  • There was no key headline driver for the move, but does coincide with EUR/GBP convincingly taking out 0.87 on the way higher to touch the best levels since late February.
  • Elsewhere, USD underwent a spell of weakness, with the turnaround being felt most materially in EUR/USD. The pair narrowed in on yesterday's highs at 1.1993 to play catch-up with the earlier strength in EURGBP.
  • Next resistance in EURUSD crosses at 1.2037, the 61.8% retracement of the Feb 25 - Mar 31 sell-off and a break through here would signal scope for an extension of recent gains. There was a decent uptick in EUR futures volumes on the move, with over 3,500 contracts changing hands inside 5 minutes (cash equivalent approx. E450mln).
  • Focus turns to US Housing Starts/Building Permits data as well as prelim Uni. of Michigan Sentiment data for April. Fed's Kaplan has the final word ahead of the FOMC media blackout period, which begins this weekend ahead of the Apr 28 rate decision.

Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.