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GBPUSD extends losses through $1.39, Dovish...>

FOREX
FOREX: GBPUSD extends losses through $1.39, Dovish Riksbank
- JPY crosses drive which has seen EUR, GBP, AUD & NZD touch fresh lows.
- Gbp/Usd witnessed a sharp pullback off early highs ($1.3950) through $1.3900
with added weight via Gbp/Jpy. Rate touched pullback lows of $1.3895 and with
near-400 pip losses off post Brexit highs is now starting to look oversold.
- Eur/Usd largely held a narrow 30 pip range with main focus on today's ECB rate
decision and press conference. Eur/Jpy continues to flirt with the 100-dma and
will again be monitored on a closing basis today.
- A dovish Riksbank left rates on hold as expected but did push out growth
forecasts and rate hikes to the end of Q4. Eur/Sek spiked to Sek10.4843 and
levels not seen since Nov 2009.
- Usd/Jpy initially pressured by the DXY, held Y109.25-39 for the session.
- NZD continued its downward trend to $0.7056 and is on course to print its 8th
straight day of losses. Aud/Usd based at $0.7552 yesterday, despite demand from
domestic hedging interests, leveraged sellers have so far countered to keep
pressure on the downside. Last $0.7560.
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