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GBP/USD Testing Key 50-DMA Support

FOREX
  • GBP is comfortably the poorest performer in G10 so far Tuesday, putting GBP/USD under considerable pressure as the pair tests key support at the 1.3797 50-DMA.
  • The USD is a touch firmer, with the USD Index very briefly showing above the Monday high in early trade, but no bullish breakout is seen just yet.
  • Having outperformed earlier in the week, AUD & NZD are softer early Tuesday, with markets eyeing the minutes overnight, which disclosed that the Bank are far from considering a tweak to their control of the front-end of the yield curve - hammering home their commitment to YCC. Yesterday's lows undercut as first support for AUD/USD at 0.7706.
  • Focus shifts to Germany's ZEW Survey for March, US retail sales and industrial production data. Speeches are due from ECB's Elderson and - after the market close - RBA's Kent.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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