MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

No (Brexit) News Seems to be Good News for Sterling

CABLE
MNI (London)
  • Cable eased to a low of $1.2881 Thursday as rate tracked EUR/USD slippage in reaction to a generally stronger USD and a dovish ECB.
  • Rate recovered in post fix trade to $1.2936, closing the day around $1.2930.
  • Rate consolidated within $1.2920/40 in early Asia before getting pressed down to $1.2399 into Europe, move again led by EUR/USD, before edging back to $1.2928.
  • Noticeable that Brexit headlines have quietened which is helping market lean toward a positive outcome in trade talks, in turn provides sterling with underlying buoyancy.
  • EUR/GBP remains below its key 10-dma(current Gbp0.9057) which also adds to this view.
  • Month-end flows, approaching US election seen main drivers, with COVID spread/counter action in focus.
  • Support seen around $1.2900 ahead of $1.2880, $1.2865/60 and $1.2850. Resistance $1.2940/50, $1.2980, $1.3000, $1.3025.
  • MNI Techs: The print below 1.2940 suggests scope for a deeper corrective pullback exposing 1.2863, Oct 14 low, and a key support. Price action has defined initial firm resistance at 1.3080, Oct 27 high. A move back above this hurdle would ease bearish pressure and open 1.3177.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

To read the full story

Close

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.