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CROSS ASSET: The Pound is under early pressure

CROSS ASSET
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  • It was another positive start for the Dollar overnight, was up against all G10 as the US 10yr Yield extended through the 4.30% mark.
  • Plenty of Desks were looking at test back towards 5% in late September for the 10yr Yield, but only managed a 4.50% peak for November.
  • This 4.50% initial level would equate to 109.07+ today, but there's plenty of focus next Week with PMIs, FOMC and PCEs to end the Year.
  • The early mover is the Pound, and the worst early performer following the UK Growth Data miss, down 0.36% and eyeing a test back towards 1.2600.
  • Immediate support is at 1.2617 (Dec 2 low), ahead of the figure.
  • While longer end Bonds and Rate markets are fading more aggressive cuts, the EUR is still under considerable pressure, in part a Function of the Dollar, but next support area for the EURUSD will be seen at 1.0425 (26 Nov Low).
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  • It was another positive start for the Dollar overnight, was up against all G10 as the US 10yr Yield extended through the 4.30% mark.
  • Plenty of Desks were looking at test back towards 5% in late September for the 10yr Yield, but only managed a 4.50% peak for November.
  • This 4.50% initial level would equate to 109.07+ today, but there's plenty of focus next Week with PMIs, FOMC and PCEs to end the Year.
  • The early mover is the Pound, and the worst early performer following the UK Growth Data miss, down 0.36% and eyeing a test back towards 1.2600.
  • Immediate support is at 1.2617 (Dec 2 low), ahead of the figure.
  • While longer end Bonds and Rate markets are fading more aggressive cuts, the EUR is still under considerable pressure, in part a Function of the Dollar, but next support area for the EURUSD will be seen at 1.0425 (26 Nov Low).