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GBP/USD Makes Light Work of June Lows

FOREX
  • GBP is the early underperformer in currency space, with GBP/USD making light work of the Wednesday low to extend losses through the June lows and touch the lowest level since mid-April. Fundamental catalysts and drivers for the GBP weakness are few and far between, keeping markets focussed on the technical break below 1.3787. This opens the Apr16 low of 1.3717.
  • The strongest currency so far Thursday is NZD, which recovers modestly against the USD as markets reverse a minority of this week's weakness. The pair needs to top the 200-dma at 0.7058 to solidify and near-term recovery.
  • Equity markets across Europe are positive, helping extend the USD/JPY rally that began in earnest around the Wednesday month-end WMR fix. This puts the pair at new multi-year highs, with the price touching 111.50 at the day's high.
  • Friday's US jobs data remains top of mind, keeping focus on today's release of weekly jobless claims data, the challenger job cuts release for June and manufacturing ISM. Fed's Bostic is the sole central bank speaker on the docket Thursday.
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