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Nov 16 - 11:55 AM

GBP/USD Weighed Down By EUR/USD Drop To New 16-Month Low

By Rob Howard  —  Nov 16 - 09:39 AM
  • Cable drop to 1.3415 influenced by EUR/USD fall to 1.1330 (16-month EBS low)

  • 1.3415 is lowest level since 1.3472 Ldn am high (after strong UK jobs data)

  • USD buoyed by higher UST yields after U.S. retail sales beat nL1N2S71FN

  • Bids may emerge pre-1.3400 if GBP/USD extends south (1.3405 = Monday's low)

  • 1.3354 was Friday's 11-month low (which option-related bids helped define)

  • UK Oct CPI data due Wednesday at 0700 GMT, +3.9% YY expected nL1N2S711Q

GBPUSD Click here

EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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