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Strong rebound in UK Retail Sales, GBPUSD.....>

FOREX
FOREX: Strong rebound in UK Retail Sales, GBPUSD above $1.3400
- Risk off was the overriding theme in Asia for the second successive session
following reports the US have initiated section 232 investigating tariffs on
imported autos and threats to call of the US-N Korea summit.
- USDJPY moved back under Y110.00 with losses extending at the European open to
Y109.33. JPY crosses were also sold with big losses for EUR (fresh YTD lows),
CAD, NZD & GBP.
- Markets paused with JPY crosses staging a mini relief rally, lending support
to the majors.
- EURJPY wiped out morning losses with a 90 pip reversal to Y128.88, EURUSD
benefiting on the move, touched $1.1746.
- GBPUSD held firm ahead of UK Retail Sales, the stronger-than-expected release
across all components with added positive revisions extended through $1.3400 to
$1.3422. GBPJPY printed recovery highs of Y147.27. EURGBP eased to Gbp0.8748.
- Despite a 300bp hike yesterday, TRY encountered renewed pressure against the
USD losing 18 big figures to Try4.7403, before fading. Last Try4.6927.
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