MNI China Daily Summary: Friday, January 10

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FOREX: Sterling Extends Losses, GBPAUD Back Below 2.00 Mark

FOREX
BulletMarketsForeign Exchange Bullets
  • GBP is continuing to standout as the weakest currency in G10 Thursday, with cable touching the 1.2400 handle in recent trade, the lowest level for the pair since April. Spot further narrows the gap with 1.2367, the 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend, and below here, market participants will focus on the 2024 lows at 1.2300.
  • Some relative congestion for the Euro’s intra-day weakening trend supports EURGBP (+0.50%) to the best level of the session at 0.8320, further evidence of the continued demand sub 0.8300 for the cross.
  • Standing out today is the 1.20% decline for GBPAUD, erasing the past two-week rally in short order. This cross has edged back below the psychological 2.00 mark and is now trading below its 20-day EMA for the first time since late November. Mid-December lows at 1.9799 provide the initial target for the move.
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  • GBP is continuing to standout as the weakest currency in G10 Thursday, with cable touching the 1.2400 handle in recent trade, the lowest level for the pair since April. Spot further narrows the gap with 1.2367, the 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend, and below here, market participants will focus on the 2024 lows at 1.2300.
  • Some relative congestion for the Euro’s intra-day weakening trend supports EURGBP (+0.50%) to the best level of the session at 0.8320, further evidence of the continued demand sub 0.8300 for the cross.
  • Standing out today is the 1.20% decline for GBPAUD, erasing the past two-week rally in short order. This cross has edged back below the psychological 2.00 mark and is now trading below its 20-day EMA for the first time since late November. Mid-December lows at 1.9799 provide the initial target for the move.