CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Threat to June 21 COVID Restrictions Lift Dampens GBP Enthusiasm

GBP
MNI (London)
  • GBP/USD recovered off Monday's pullback low of $1.4111(76.4% $1.4083-1.4200) but failed to attain Friday's post NFP react rally high of $1.4200, the move up fading at $1.4190 before closing the day at $1.4179.
  • GBP/USD lagged behind EUR/USD's stronger recovery which allowed EUR/GBP to recover off its low of Gbp0.8578 back to hold around its key 10-dma, currently at Gbp0.8604.
  • GBP/USD continued to ease through Asia, touched $1.4153 ahead of Europe.
  • Some concerns that the hoped for Jun21 full opening from COVID lockdown could be delayed due to virus spread seen weighing. Times suggested that the UK might have to delay lifting Covid-19 restrictions by a fortnight, following a "downbeat" briefing on the local Covid-19 situation from chief medical officers. Bubbling trade tensions between London and Brussels provided another source of worry.
  • Support seen into $1.4150 ahead of $1.4130/25 with stronger support noted into $1.4111/06. Resistance $1.4190/1.4200 ahead of $1.4209(76.4% $1.4248-1.4083), a break here to expose the YTD at $1.4248(Jun01).
  • A light data calendar for the UK Tuesday, focus on Germany ZEW.
  • BOE Haldane (hawk) 1300GMT(speaks on inequality at Glasgow Uni)
  • MNI Techs: GBPUSD is in a range and remains below last week's 1.4248 high from Jun 1. Trend conditions are bullish. The probe last week of former resistance at 1.4237, Feb 24 high reinforces a broader bullish theme however a clear break is required to confirm a resumption of the uptrend. This would open 1.4315 next, April 18, 2018 high. On the downside, initial firm support is at 1.4083, the Jun 4 low. A break would expose the 50-day EMA at 1.4019.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

To read the full story

Close

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.