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GBP Weakness Piling More Pressure Onto Incoming PM

FOREX
  • GBP/USD prints a fourth consecutive session of lower lows ahead of the London open, extending the losing streak that's put the pair at the lowest levels since the COVID fallout in March 2020.
  • Moves are compounding the issues that the next PM will face when they take office next week (Liz Truss still the heavy favourite), exacerbating the import bill and adding additional pressure to energy costs. These tensions may be reflected in the BoE decision maker survey due at 0930BST, in which business leaders are questioned on their tolerance of inflation.
  • The greenback trades well, higher against all others in G10 to keep pressure on the cycle highs printed earlier this week at 109.478. USD strength tipped USD/JPY to 139.68 overnight, highest since 1998 and prompting a fresh warning from the MoF: "Watching FX with a high sense of urgency", "Sudden moves in FX aren't desierable".
  • Focus turns to final manufacturing PMI data from across the Eurozone, the UK and US, the ISM Manufacturing report & weekly US jobless claims as well as speeches from ECB's Centeno, Fed's Bostic.
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