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GBP Softer as UK Expected to Delay Re-Opening by Four Weeks

FOREX
  • Having initially held up well, GBP is the main laggard across G10 FX ahead of the NY crossover. Markets are responding to further reports that the UK's full economic re-opening is to be delayed by four weeks and pushed back to July 19th from the originally scheduled June 21st. GBP/USD inched to new monthly lows of 1.4071 in response, taking out support at 1.4074 in the process. Eyes turn to 1.4063 as the next level.
  • China's CNH is an early underperformer, helping USD/CNH accelerate the recovery off recent lows. The initial move higher coincided with comments from NATO's Stoltenberg, who stated that China's military build-up poses challenges, and that NATO needs to respond together as an alliance to China's rise. USD/CNH rallied to touch new June highs of 6.4197, narrowing the gap with first resistance at the 6.4534 50-dma.
  • Tier one data releases are few and far between Monday, with no material releases due across Europe and the US. The speakers slate could garner a little more interest, with comments due from ECB's Schnabel and BoE's Bailey later today.
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