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Monday, June 21, 2021

Pound edges ahead in light trading

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Forex news from the European trading session – 27 May 2021

Headlines:

Markets:

  • GBP leads, JPY lags on the day
  • European equities mixed; S&P 500 futures down 0.2%
  • US 10-year yields up 1.9 bps to 1.594%
  • Gold down 0.1% to $1,895.60
  • WTI down 1.0% to $65.54
  • Bitcoin up 2.5% to $39,720

The market was mostly quiet during the session but there were some light moves late on with the pound being nudged higher after BOE policymaker Vlieghe stirred up rate hike sentiment, though the enthusiasm may prove to be short-lived.

Just be reminded that Vlieghe is due to leave the central bank at the end of August, so perhaps he just wants to speak his mind before all is said and done.

In any case, the committee will be making any decision on rate hikes without him in the future so there is that to consider when viewing his opinion above.

GBP/USD caught a bid from 1.4135 to 1.4180 but there is still daily resistance at 1.4200 so that remains a key sticking point for buyers at the moment.

Elsewhere, USD/CAD eased a little lower with the loonie holding a touch firmer on the session as the pair moves down from 1.2115 to 1.2090.

The kiwi is also steady at around 0.7300 against the dollar but still faces a test to hold a daily break above resistance at 0.7300-05 currently.

Equities remain more tepid and mixed so that isn’t quite helping to give the market much to work with so far today. Month-end remains a consideration before we may see some positioning plays before the long weekend tomorrow.



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