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GBP Weakness Pervades as Cable Shows Through Tuesday Low

FOREX
  • For a second session, GBP is the poorest performer in G10, with GBP/USD through the Tuesday low of 1.3521. Explanations are broad and varied, with some positing the images of fuel shortages and supply chain woes are raising the spectre of stagflation, however a number of sell-side analysts are pinning price action on month/quarter-end rebalancing, an effect that may persist into the Thursday fix.
  • The broader risk-off themes present in Tuesday trade have faded slightly, with the spike in US Treasury yields abating and European stock markets recovering. Nonetheless, JPY is making solid headway as USD/JPY reverses off the 2021 highs printed overnight at 111.68.
  • Lastly, the USD Index showed through the mid-August highs of 93.729 high, improving the near-term outlook further. This opens gains toward levels not seen since early November last year at 94.302.
  • Tier one data releases are few and far between Wednesday, keeping focus on the ongoing ECB Sintra forum. Highlights today include ECB's Centeno, Stournaras, Makhlouf & Lane, Fed's Harker, Daly & Bostic and the headline appearances from Powell, Lagarde, Bailey and Kuroda at a joint panel.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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