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Outperforming In Asia


GBP the clear outperformer among G10 FX, with the bid in cable weighing on the USD via the broader USD crosses (excluding USD/JPY & USD/CHF). Little in the way of headline news flow has been observed to trigger this latest leg of GBP outperformance, with the usual stops and thinner liquidity lines being thrown around by participants.

  • GBP continues to benefit from the recent unwind of negative rate pricing re: the BoE, the UK's vaccine rollout scheme and to an extent, the shake off of pre-'21 Brexit worry.
  • Cable last printing at $1.4190, ~80 pips higher on the day after printing as high as $1.4237 on the move. Bulls now look to the '18 high at $1.4377.
  • EUR/GBP last sits ~35 pips softer at GBP0.8572, with lows of GBP0.8541 printed. Bears are now looking to round number support at GBP0.8500.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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