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MNI BRIEF: China’s June Loan Prime Rate Unchanged

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Sterling Sinks for Second Session

FOREX
  • For the second consecutive session, GBP was traded acutely weak as selling pressure on mounted on the push to fresh 2021 lows. Explanations are broad and varied, with some positing the images of fuel shortages and supply chain woes are raising the spectre of stagflation, however a number of sell-side analysts are pinning price action on month/quarter-end rebalancing, an effect that may persist into the Thursday fix.
  • NZD was the sole currency to underperform GBP Wednesday, with a return lower for equities and commodity markets undermining high beta FX and growth proxies. The price action put NZD/USD within range of the 2021 lows printed back in August at $0.6805.
  • The pervasive risk-off sentiment helped underpin greenback gains, resulting in the USD Index hitting the best levels since last November's Presidential election.
  • The US MNI Chicago Business Barometer, Japanese industrial production & retail sales data, China's September manufacturing and non-manufacturing PMI, Italian CPI and the weekly jobless claims release are highlights Thursday.
  • Central bank speaker events remain frantic, with Fed's Powell appearing again in front of lawmakers as well as speeches from Williams, Bostic, Harker, Evans and Bullard.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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