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GBP Strengthens Amid Brexit Optimism, USD/Asia Catch Up With Vaccine News

FOREX

Sterling eked out gains in Asia after the Sun reported without attribution that the UK and EU may be close to a breakthrough in their Brexit talks. The article noted that the UK's chief Brexit envoy Frost told PM Johnson to expect a deal next week, possibly as soon as next Tuesday, although the negotiations may still collapse over familiar sticking points. Cable popped higher in reaction to the story, but failed to test yesterday's highs, waiting for London traders to get in.

  • Other than that, price action across G10 FX space was muted amid sparse headline/data flow. JPY held up well, while NOK brought up the rear. NZD posted a short-lived downtick as NZ Trade Min O'Connor said that a strong exchange rate is "always a concern". USD struggled for any topside impetus and the DXY tested yesterday's trough.
  • USD/Asia generally traded on a softer footing as regional currencies reacted to encouraging results of Moderna's latest Covid-19 vaccine trial. USD/CNH slipped, narrowing in on its recent cycle lows. Losses in USD/KRW were limited by South Korea's recent messaging re: readiness to take stabilising measures.
  • Focus turns to U.S. retail sales & industrial output, Canadian housing starts, Norwegian GDP & consumer confidence and comments from RBA's Debelle, BoE's Bailey & Ramsden, ECB's Lagarde, BoC's Macklem and Fed's Powell & Barkin.
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