MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI: AUSTRALIA Q3 BIZ INDICATORS INVENTORIES -0.9%

MNI: AUSTRALIA OCT BUILDING APPROVALS +4.2% M/M, +6.1% Y/Y

MNI: AUSTRALIA NOV DWELLING APPROVALS +4.2% M/M

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Proud Pound as GBP/USD Shows Above $1.3950.

GBP
MNI (London)
  • GBP/USD stretched its recent recovery to $1.3919 in a holiday thinned session Monday as the pound took full advantage of the reflation trade pressure on the USD, and boosted by the UK vaccine roll out.
  • Fresh demand in Asia took rate on to $1.3952 where move ran into headwind resistance at and above the $1.3950 level.
  • Rate eased but was seen meeting support at $1.3926 ahead of the European open. Further support expected to emerge into $1.3900 ahead of $1.3885/65(38.2%-50% $1.3776-1.3952). ahead of $1.3850/40 then $1.3820.
  • Resistance remains at and above $1.3950, a clear above to allow for a move toward $1.3976(1.618% swing projection $1.3758-1.3567), with expected resistance into $1.3980 then $1.3998(see MNI Techs below).
  • Talk in Asia suggesting option barrier interest at $1.4000 but no confirmation for this heard so far.
  • US market return after their long weekend and markets will watch for their reaction to the further pressure on the USD.
  • US fiscal stimulus headlines and Fed speak remain key drivers of USD value. US Empire Mfg data due at 1330GMT.
  • Fed speakers today include Bowman(no known bias) 1610GMT, George(non-voter hawk)1730GMT, Kaplan(non-voter hawk) 1800GMT and Daly(dove) 2000GMT.
  • MNI Techs: GBPUSD maintains a firmer tone and hit a new cycle high Monday and again today. Continued gains confirm a resumption of the underlying uptrend that has been in place since March 2020. Moving average studies are in a bull mode, reinforcing current conditions. The focus is on $1.3998 next, Apr 26, 2018 high. On the downside, firm support lies at $1.3776, Feb 12 low. A break of this level is required to dent the current bullish sentiment.
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.