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GBP/USD2016-07-22 18:00 UTC

Sterling was the day's loser following the even worse than expected dive in UK flash PMI data for July. The PMI report was unambiguously weak, the headline composite reading tumbling to 47.7 from June's 52.4 with nearly all of component parts falling to lowest levels since early 2009. There is a narrative that the post-Brexit confidence shock will wear off in the coming months, but a sharp drop in new orders and expectations portends ... Read More 

XE Market Analysis

  • North American Edition2016-07-22 11:09 UTC

    The pound came under pressure following the release of flash July PMI data for the UK, the first major survey to fully encapsulate post-Brexit vote conditions, which showed a sharper than expected dive in activity that is consistent with a Q3 GDP contraction of -0.4% q/q. Cable lost over 170s pips in making a 1.3108 low, and the pound dove against other currencies. Other pairings were relatively steady. EUR-USD maintained a narrow range in the low 1.10s, ... Read More 

  • European Edition2016-07-22 06:23 UTC

    The main forex pairings saw narrow ranges in pre-Europe trade in Asia, EUR-USD holding in the low 1.10s and USD-JPY near 106.00, the latter settling well off the six-week peak seen yesterday at 107.49. There was some weakness in commodity currencies, which was a consequence of global equity markets turning lower, which in the case of Wall Street follows a run of nine-straight higher highs. USD-CAD ticked higher, making a 10-day peak at 1.3114, and while ... Read More 

  • Asian Edition2016-07-22 18:00 UTC

    The dollar was broadly higher in N.Y. trade on Friday, taking EUR-USD to one-month lows of 1.0956, and USD-JPY up to 106.40. Cable scraped along on either side of 1.3100, falling after a dismal flash U.K. PMI number. USD-CAD fell early on the back of warmer Canada CPI and firmer retail sales, bottoming at 1.3056, though ultimately rallied to near two-month highs in concert with WTI crude's drop to two-month lows. Flash U.S. manufacturing PMI was better ... Read More 

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