MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

GBP/USD Holds Above $1.3400. Focus on EU Barnier.

GBP
MNI (London)
  • Sterling demand noted at Tuesday's 0700GMT and 0800GMT fixes which managed to lift GBP/USD through recent high of $1.3398 and on to $1.3407.
  • Expectation for another round of buying at 0900GMT disappointed and prompted profit take reversal back to $1.3316 into NY.
  • Fresh demand emerged in the new session with stronger demand at the 1600GMT able to propel rate on to $1.3441. Rate dipped to $1.3389 post fix then settled around $1.3420 into the close.
  • Brexit trade negotiations remain the key driver for sterling with suggestions that the negotiations have made progress. EU Barnier has called for an emergency meeting this morning, press reports suggest France and other member states are getting nervous over any compromises.
  • GBP/USD consolidated recent gains through Asia, though with a slight soft feel, as rate drifted off from early highs of $1.3431 to $1.3106 into early Europe.
  • Expect some support into $1.3400, further support into $1.3380 then $1.3350. Resistance $1.3440/50.
  • A light data calendar in the UK Wednesday. BOE Haskel speaks at 1800GMT.
  • MNI Techs: GBPUSD traded higher yesterday and is holding above 1.3400. The break above recent highs confirms a resumption of the uptrend and opens 1.3482, Sep 1 high. A breach would confirm a resumption of the broader uptrend that started in March. Note, on monthly charts, a multi-year trendline resistance drawn off the Nov 2007 high intersects at 1.3372 . A convincing break over December would point to a reversal. Support is seen at 1.3289, low Nov 27.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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.