CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Recovering into UK Retail Sales. Focus Then on Flash PMI's

GBP
MNI (London)
  • GBP pressed lower through Thursday trade, GBP/USD extending its corrective pullback away from recent high of $1.4009 (the rate again meeting thin air above $1.4000), while EUR/GBP moved back above its technically key 10-dma at Gbp0.8662.
  • Move lower was in play as reports that US Biden would raise capital gains tax provided a general knock to risk and provided the USD with an added lift.
  • GBP/USD traded to a low of $1.3824 before closing the day at $1.3840.
  • Recovery extended in Asia though only managed to edge rate on to $1.3866 with attention on the release of UK Retail Sales at the Europe open (median 1.5%mm, 3.5%yy; ex petrol 2.0%mm, 4.5%yy). UK PSNB data released same time.
  • Flash UK PMI set at 0830GMT in focus, median PMI Mfg 59.0, Svcs 58.9.
  • Support $1.3835/24, $1.3810/00($1.3799 61.8% $1.3669-1.4009), $1.3786(76.4% 1.3717-1.4009), stronger into $1.3749(Apr14 low, 76.4% 1.3669-1.4009)
  • Resistance $1.3870, $1.3895/1.3917, $1.3938.
  • MNI Techs: GBPUSD faced strong selling pressure Thursday extending this week's reversal from 1.4009, Apr 20 high. Gains earlier in the week stalled at the former bull channel base, at 1.4006 drawn off the Nov 2, 2020 low. This suggests recent gains have been corrective in nature and Thursday's move lower signals scope for a deeper pullback. The focus is on 1.3810, Apr 19 low next. A break of 1.4009 is required to reinstate a bullish theme.
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.