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GBP/USD Nearing Key Support and Monthly Lows

FOREX
  • The greenback is modestly stronger headed into NY hours, but price action is thin and recent ranges are largely being respected. EUR/USD ran up higher in early Europe, boosting EUR/USD to 1.2147 before the rate faded back to flat at the crossover.
  • GBP is softer for a second session, with the currency on the back foot after the UK delayed its economic reopening by four weeks to July 19th. Yesterday's lows at 1.4071 mark first support and a break through here opens the 50-day EMA at 1.4041 initially ahead of 1.4010 and the lowest level since mid-May.
  • AUD, CAD are the poorest performers in G10, while the USD and SEK are firmer.
  • US retail sales are the highlight Tuesday, with the advance reading seen dropping 0.7% against last month's flat figure. PPI data also crosses - both of which will be in focus ahead of tomorrow's Fed decision. There are plentiful ECB speakers, with de Cos, Lane, Panetta and Holzmann all due. Bailey of the BoE is also on the docket.
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