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MNI (London)
FOREX: Markets were awoken as Europe stepped in this morning as traders reacted
to an earlier released report in the FT suggesting ECB concern over EU Bank's
exposure to Turkey. As USD/TRY spiked higher so EUR/USD dropped through recent
range base and support at $1.1500 with triggered selling in the move taking rate
through $1.1450 and on to an eventual low of $1.1432. Reaction also allowed
EUR/Yen to break its support at Y127.60 which exposed support at Y126.60 with
some looking toward Y124.62. EUR/GBP extended its corrective pullback away from
its Thursday high of Gbp0.9031 to GBp0.8935 but Brexit concerns remaining
provided the eventual counter as the cross recovered back toward its Asian high
of Gbp0.8990 as cable sank on to $1.2736(fresh YTD low). Confirmation of UK Q2
GDP did little to lift pressure from the pound. Markets settled late morning as
market turns attention toward US CPI and speeches from the Turkish Finance
Minister Albayrak, due to speak at 1130GMT and to present a 'new economic plan &
model', with Turkish President Erdogan also expected to speak.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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