Free Trial

Rejection away from the challenge.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Rejection away from the challenge on the topside of the 2.0%
10-dma envelope (Jul30 high Gbp0.9190) saw cross drop back to make a
reappearance back within its 1.0% 10-dma envelope. Rate is known to be more
comfortable within its 1.0% envelope, so far this morning seen holding around
the 1.0% line. Strong cable demand into the month-end fix allowed EUR/GBP to
break lower, and with EUR/USD seeing the main weight from the USD reaction to
the FOMC, saw the cross break under GBP0.9100 to Gbp0.9089, finding resistance
at and above Gbp0.9120 ahead of the close. Trade through Asia was contained
within a GBP0.9104-23 range, trading around Gbp0.9113 in early Europe.
- Topside of the 1.0% envelope currently at Gbp0.9120, 2.0% at GBp0.9211. 10-dma
at Gbp0.9030.
- UK Mfg PMI at 0830GMT ahead of BOE MPC at 1100GMT. No change expected but
accompanying statement likely to move toward neutral/dovish on uncertain Brexit
concerns.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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.