 Sterling's selloff accelerates as UK CPI missed market expectations. And that lowers the chance of a should-be-done-deal August BoE hike. In the background, Brexit uncertainty is also weighing on sentiments towards the Pound. Meanwhile, Australian Dollar and Euro are trading as the second and third weakest ones. Dollar is generally firm today as support by Fed Chair Jerome Powell's optimistic comments. But the greenback is firstly overwhelmed by the strength in Swiss Franc. Yen is also lifted by some buying in early US session as China seems to be stepping up with its rhetorics against US protectionism again. In other markets, major European indices are trading in blue at the time of writing. Notably FTSE is lifted by the sharp by in Sterling and it's up 0.63%. DAX is trading up 0.65% while CAC is up 0.40%. Earlier today, China SSE suffered another day of decline, by -0.39% to 2787.26. Nikkei, though, rose 0.43%. WTI crude oil is extending this week's sharp fall and hits as low as 67.37, now at 67.61. Spot gold hits as low as 1221.25 and is set to take on 1220 handle. Technically, GBP/USD's break of 1.3048 confirms resumption of fall from May top at 1.4376. EUR/GBP's recent rally resumes albeit with weak momentum. GBP/JPY's break of 147.63 suggests near term reversal, back towards 143.76 support. USD/CAD's break of 1.3216 is now paving the way to retest 1.3385. AUD/USD's break of 0.7359 minor support would like bring deeper fall to 0.7309 low. Also, EUR/CHF's break of 1.1618 support suggests that the corrective rise from May's low at 1.1366 is possibly finished. |
