MNI China Daily Summary: Wednesday, July 10

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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UK Retail Sales, Flash PMI's to Determine Next Direction

GBP
MNI (London)
  • Recovery off Wednesday's FOMC Minutes react low of $1.4100 picked up pace through Thursday's NY session, taking GBP/USD to a high of $1.4193.
  • Early Asia marked a high at $1.4194 before it eased back to $1.4169 before fresh risk led demand emerged to nudge it back to $1.4189 into Europe.
  • EUR/GBP move back above its key 10-dma(current Gbp0.8603) seen providing some counter bearish feel for GBP, though cross currently holds below its recent posted highs of Gbp0.8643.
  • A break of $1.4200 should provide GBP/USD with a boost, exposes recent high at $1.4220 ahead of the YTD high at $1.4237, with further resistance noted behind into $1.4250/70.
  • Support $1.4135/20 ahead of $1.4100.
  • UK Retail Sales at 0600GMT, median 4.5%mm, 36.8%yy; ex petrol 4.45mm, 31.7%yy). In focus will be the release of the flash PMI set at 0830GMT, median Mfg 60.8, Svcs 62.2.
  • BOE Hauser speaks at 0830GMT.
  • MNI Techs: GBPUSD outlook remains bullish. Sights set on resistance at 1.4237, Feb 24 high. Clearance of this level would reinforce a bullish case and confirm a resumption of the broader uptrend that started March 2020. On the downside, initial firm support is unchanged at 1.4006, May 13 low. A break of this level would suggest scope for a deeper pullback.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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