CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

Positive Brexit Headlines Keep Sterling Buoyed But Needs Confirmation

GBP
MNI (London)
  • Monday's opening risk appetite allowed GBP/USD to push up to $1.3243 before momentum faded and sterling lost its general shine.
  • Rate eased off to $1.3166, recovered to $1.3217 ahead of the NY open before paring those gains in early US trade. Moderna vaccine announcement provided risk with a fresh boost but was only able to edge cable back to $1.3204 into the close.
  • Asian traders picked up on a Sun headline suggesting that UK Brexit trade negotiator Frost has informed PM Johnson that a deal could be agreed by early next week(market ignored caveats that it could all fall apart over fishing and red tape). GBP/USD jumped to $1.3233 before it settled between $1.3208/28, trading around $1.3212 into Europe.
  • Support $1. 3200/1.3190, stronger $1.3165/50. Resistance $1.3233/43(intraday high/Nov16 high), $1.3263(76.4% $1.3312-1.3106)., $1.3310/12.
  • Brexit trade negotiations remain in focus but market now looking for something more concrete. COVID spread/vaccine access also of interest.
  • BOE Governor Bailey speaks at 1400GMT. Dep Gov. Ramsden speaks at 1700GMT.
  • MNI Techs: GBPUSD maintains a bullish tone despite the corrective pullback on Nov 11 and 12. Recent gains have seen the pair breach a former key resistance at 1.3177, Oct 21 and Nov 6 high. This maintains the recovery that started on Sep 23 and the current bullish price sequence of higher highs and higher lows. The bull trigger is at 1.3312 where a break would open 1.3357, Sep 3 high. On the downside, firm short-term support lies at 1.3106, Nov 12 low.
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.