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GBP/USD Circling New Multiyear Low

FOREX
  • The single currency trades well early Tuesday, rising against all others in G10 as EUR/USD extends the recovery off last week's lows. EUR/USD is now either side of the 1.10 handle, but will need to make progress through 1.1121 to secure any progress toward the 1.1257 50-dma.
  • Market focus remains on the Ukraine crisis, with markets watching for the re-convening of regular negotiations between Russian and Ukrainian representatives after the technical break in talks yesterday. Separately, the Polish, Slovenian, Czech leaders are headed to Kyiv to meet with the Ukrainian President - a move that could lessen the military incursion on the city from the Russian side, in order to avoid directly endangering the leaders of NATO nations.
  • Elsewhere, UK jobs data fared better than expected, with average weekly earnings growing ahead of forecast, alongside a lower-than-forecast ILO Unemployment Rate. GBP initially saw some support, tilting GBP/USD up to 1.3051 before the support faded through the European morning. This keeps the pair well within range of the overnight cycle lows, printed at 1.3000 - GBP/USD last traded below that mark in late 2020.
  • Focus turns to the upcoming US PPI release, with markets expecting a Y/Y rise of 10% for producer prices - another series high. Germany's ZEW survey also crosses, as well as Canada's existing home sales/manufacturing sales data. ECB's Lagarde speaks, appearing at the WELT Economic Summit.
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