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FOREX: Sterling at risk of reversal
-After a spell of poor performance, GBP raised the risk of a reversal Friday
morning as markets sold GBP/USD in response to a speech from BoE's Saunders, who
has tilted hawkish in recent years. Saunders raised the prospect of BoE easing,
stating that the UK may need further rate cuts even if a Brexit deal is secured,
which helped pressure GBP/USD to shed around 60 pips and home in on the 50-dma
-AUD trades toward the top end of the Friday table, despite a notable downtick
in precious metals prices. The losses seemed to stem initially from spot Silver,
which pressed through the 17.4750 50-dma and filtered through to gold also.
-Eurozone economic confidence data came and went with little effect, but
continues to highlight the lack of a turnaround in confidence despite ECB
-US data takes focus from here, with personal income/spending, PCE and durable
goods all due for release. Speeches are also due from Fed's Quarles & Harker and
ECB's Lane and de Cos.