MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

GBP/USD Fades Through Overnight Lows to Extend Corrective Pullback

FOREX
  • Currency markets are off to a relatively sedate start to the week, with most pairs and crosses respecting the recent ranges amid light newsflow and market signal.
  • GBP/USD faded through overnight lows ahead of the NY crossover, to touch 1.2374 and extend the corrective pullback posted Friday. 1.2345 marks the next major support which, if broken, opens the 1.0% lower 10-dma envelope at 1.2318 - a level crossing ~1.8% below recent highs. The technical indicator has held prices since mid-March - so a show below could mark a more protracted correction in the short-term.
  • The greenback is very modestly higher, with the USD Index now north of 101.75 and narrowing in on 101.9904, the 23.6% retracement of the mid-March - April downleg.
  • CAD is following the greenback higher, putting GBP/CAD lower for a third consecutive session. The cross is nearing support at 1.6519, the 50-dma last broken in early February.
  • Attention turns to upcoming US empire manufacturing for April, with speeches from ECB's Lagarde and BoE's Cunliffe also on the docket. The US earnings schedule remains a focus, with big banks and a number of large tech firms set for release this week.
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.