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GBP Confirms Status as EM Currency

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FOREX: Powell pours water on market exuberance
- Equities and high beta FX sank Wednesday following Fed chair Powell's speech
on the current economic situation. The Fed President talked down any prospect of
negative interest rates (largely reiterating other FOMC comments this week)
while stressing that considerable solvency risks remain in the coming months.
This put some decent pressure on most major pairs, most noticeably in GBP/USD,
which fell through the bear trigger at $1.2248 to keep the outlook resolutely
- NZD looked comfortable lower following the RBNZ decision early Wednesday, with
support at $0.60 and the May 7 low in NZD/USD giving way with ease. $0.5906 is
seen as next level to watch - marking the 38.2% retracement of the March-May
- The Australian jobs report takes focus Thursday, with 575,000 jobs expected to
have been lost across April, causing a 3ppts rise in the unemployment rate to
8.2%. US weekly jobless claims are on the docket, as well as speeches from BoE
governor Bailey, outgoing BoC head Poloz and Fed's Kashkari, Kaplan and Bostic.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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