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GBP: Mild USD Strength Exposes GBP, EUR/GBP Edges to New Highs

GBP
CEEMEABulletUKMarketsForeign Exchange Bullets

As mentioned this morning, the recovery off lows for Treasury yields is coming alongside some mild dollar strength - a move that's pressuring EUR/USD, and GBP/USD to new daily lows.

  • That said, GBP is certainly faring worst off - evident in the new daily highs printed for EUR/GBP at 0.8329 on the bounce, capped somewhat by the 0.8332 50-dma.
  • BoE decision is a natural focus here - and we highlight the particular importance of the Agents' Pay Survey as a factor in the thinking of the MPC.
  • GBP now among the poorest performers in G10, with a modest phase of selling on the soft construction PMIs - but worth noting participation still looks slim: GBP futures have traded just ~60% of the cumulative volumes you'd have expected to see for this time of day.
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As mentioned this morning, the recovery off lows for Treasury yields is coming alongside some mild dollar strength - a move that's pressuring EUR/USD, and GBP/USD to new daily lows.

  • That said, GBP is certainly faring worst off - evident in the new daily highs printed for EUR/GBP at 0.8329 on the bounce, capped somewhat by the 0.8332 50-dma.
  • BoE decision is a natural focus here - and we highlight the particular importance of the Agents' Pay Survey as a factor in the thinking of the MPC.
  • GBP now among the poorest performers in G10, with a modest phase of selling on the soft construction PMIs - but worth noting participation still looks slim: GBP futures have traded just ~60% of the cumulative volumes you'd have expected to see for this time of day.