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Sterling Staging Tepid Bounce So Far

FOREX

Comments from the Italian finance ministry drew some attention in early European hours, after the Director General signalled that it's currently 15-20bps cheaper to fund in USD vs. EUR, which helped buoy EUR/USD through yesterday's highs of 1.1823 (effectively pointing out how undervalued the euro is versus the dollar on this basis).


  • There's been plenty more EUR-centric commentary, with ECB's Schnabel indicating that December's 'recalibration' of policy will likely include a discussion surrounding "the intensity of asset purchases". EUR is outperforming slightly, rising against most others in G10.
  • After several sessions of underperformance, GBP is bouncing in early trade off the weekly low printed late yesterday at 1.3106. Markets may be taking the view that the departure of key Johnson aide Cummings could smooth the path to a free trade deal in the ongoing Brexit negotiations.
  • US PPI and Uni. of Michigan releases are the data highlights Friday. Speaker slate includes ECB's Rehn, Fed's Williams & Bullard and BoE's Tenreyro, Cunliffe & Bailey.
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