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Aug 29 - 03:55 PM

GBP/USD - Slips Versus More Hawkish USD, EUR Amid Reduced Holiday Liquidity

By Paul Spirgel  —  Aug 29 - 01:45 PM
  • GBP$ ending NorAm -0.1% at 1.1719; NorAm range 1.1743-1.1682

  • Flows muted owing to UK summer bank holiday

  • Pair bounced off o/n low 1.1650, lowest since Mar 2020 on glbl yield rise

  • Sterling rally lags other DM CCYs with more hawkish near-term rate view

  • Sterling bounce off '22 low muted by less-hawkish BoE rate path nL1N30511O

  • Pair supported ahead of Mar 25 2020 low 1.1640, res at falling 10-DMA 1.1859

  • EUR/GBP +0.62% to 0.8539, Mon range 0.8549-03; UK holiday and hawkish ECB expectation boost EUR

Source:
Refinitiv IFR Research/Market Commentary

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