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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GBP
The relentless rally in GBP/JPY continues, this time fuelled by a broader yen weakness, which has accelerated losses into the Tokyo fix. The pair is hitting best levels since Mar 19 and last sits +35 pips at Y148.90.
- Sterling was well bid yesterday as markets continued to endorse the UK's reopening plan, which could see all Covid-19 restrictions removed as soon as on Jun 21. Importantly, the Jun 21 data is not set in stone and easing restrictions will be data-dependent.
- UK Cll'r Sunak noted that "at the budget next week I will set out the next stage of our plan for job, and the support we'll provide through the remainder of the pandemic and our recovery," with the press suggesting that he might extend the furlough scheme through the end of Jun. Separately, the Times reported that he will extend the stamp duty holiday, also through the end of Jun.
- The rate trading through resistance from Mar 14, 2019 high of Y148.88 and a consolidation above that level would expose Nov 8, 2018 high of Y149.49. Bears look for a pullback under Feb 22 low of Y147.55, towards Feb 17 low of Y146.42.
- Focus in the UK moves to central bank speak, with Bailey, Broadbent, Vlieghe, Haskel and Haldane due to speak later today, ahead of Friday's remarks from Haldane and Ramsden.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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