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Jul 05 - 04:55 AM

GBP/USD - Slides Through 1.21 As Dollar Racks Up Gains

By Rob Howard  —  Jul 05 - 03:30 AM
  • Cable hits 1.2076 (post-weekend low) after extending south from 1.2164

  • 1.2164 was Monday's high, after WSJ said US may ease China tariffs this week

  • China calls virtual talks with Yellen 'constructive' nL1N2YM029

  • 1.1976 was Friday's two-week low, when risk aversion lifted safe-haven USD

  • Drop to 1.1976 followed further reduction in IMM net GBP short nL1N2YL09L

  • UK June final service PMI due 0830 GMT; 53.4 f/c. BoE FSR also due 0830 GMT

Source:
Refinitiv IFR Research/Market Commentary

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