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Free AccessSterling Remains Soggy on Brexit/COVID
Sterling was pressured lower through Thursday's session, weighed by a paring of sterling longs through the EU Summit/Brexit noise, along with the negative risk effects of COVID spread.
- UK chief Brexit negotiator Frost voiced disappointment at comments emanating from the EU Summit (seen leaving all options on the table, view negotiations not having progressed enough for an agreement and preparing for a hard Brexit), adding that PM Johnson would voice his reaction Friday (following the passing of his Oct15 deadline).
- Some hopes abound as EU Barnier expects talks to continue in London next week, which if occurs, should ignite hopes that a final agreement remains a probability.
- Cable was pressed to an extended pullback low of $1.2891, closing the day around $1.2904. Underlying bearish feel continued in Asia as rate eased to $1.2887 with Europe adding weight to extend move to $1.2885.
- MNI TECHS notes price action remains below Monday's high of 1.3083. A break of this level is needed to resume the recent uptrend that would open 1.3000 and 1.3175. The latter is the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9. A break of 1.3175 is required to strengthen a bullish theme. Initial support is at 1.2863.
- EUR/GBP back above its key 10-dma(current Gbp0.9075 seen adding to bearish sterling feel).
- A light data calendar in the UK Friday, focus on US Retail Sales and UofM. Brexit, COVID spread and US election/fiscal negotiation headlines remain the key market drivers.
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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.