Free Trial

Sterling Inching Higher on Coveney Comments

FOREX

After underperforming all others Wednesday, GBP is at the top of the board ahead of NY hours today as markets read positively into comments from the Irish foreign minister Coveney, who stated there's a "good chance" a Brexit deal is resolved in the next few days. As a result GBP/USD has narrowed the gap with yesterday's highs at 1.3441. A break above here would then open the 2020 highs printed in September at 1.3482.

Softer oil markets have taken some of the wind out of NOK and commodity-tied currencies. WSJ reported that OPEC+ are coming closer to an output deal which could see production ramped slightly higher once current output curbs expire. NOK is the poorest performer in G10, with CAD not far behind.

Weekly US jobless claims take focus going forward as well as the November ISM services index, marking the final few datapoints before tomorrow's Nonfarm Payrolls. There are no central bank speakers of note.

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.