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Free AccessUSD Finds Supports As Equity Rebound Falters, GBP Outperforms
The USD has recouped some losses from late last week. The BBDXY is up around 0.30%, to 1340, albeit in a volatile start to the week. Ultimately flows have benefited the USD, as sharp falls were recorded across China related equities, taking the shine off early positive sentiment in Asia Pac markets.
- The early focus started GBP/USD, which surged 1% to +1.1400, as Boris John bowed out of the leadership race, spurring hopes of political stability. This leaves ex-Treasury, Rishi Sunak, as the likely next PM. The pound is back to 1.1335/40, but is still firmer for the session, the only major currency to do so against the USD.
- USD/JPY rose above 149.70, reportedly on buy orders that weren't filled through Friday's session, before slumping near 3% to sub 146.00. This likely reflected intervention flows, but nothing was confirmed by the authorities. We are now back just under 149.00.
- AUD/USD has also performed poorly. We are up slightly from earlier lows, last around 0.6335/40, still -0.60% for the session. Outside of equity headwinds, the preliminary PMI for the services sector slipped into contractionary territory. RBA's Kent also downplayed concerns of a weaker AUD boosting imported inflation.
- Due later is PMI prints across the UK, EU area, along with US readings. Comments are due from BoE's Ramsden, who will testify to parliament for his reappointment.
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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.