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GBP Vols Remain Perky After Last Week's Downtick in Spot

FOREX
  • Sterling remains soft following last week's BoE bait-and-switch, with GBP among the poorest performers so far in G10. GBP/USD remains above last Friday's lows of 1.3424 which forms first support along which the late September print of 1.3412. GBP vols remain perky, with the 1m implied contract inching higher again early Monday to clear 7 points.
  • At the other end of the table, NZD and NOK make up Monday's modest outperformers, with strength across commodities markets assisting high beta and growth proxy currencies higher.
  • US equity futures trade higher ahead of the Monday bell, with the exception of the tech-led NASDAQ future, which trades softer as Tesla shares dip over 5% pre-market on Musk's tweet warning he could sell 10% of his stake in the company driving prices lower.
  • The Monday data slate is bereft of any tier one releases, keeping focus on the busier speaker slate which includes Fed's Powell, Clarida, Harker, Bowman and Evans as well as BoE's Bailey and ECB's Lane.
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