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ForexLive European morning wrap: Pound under pressure again in nervous markets

Forex news from the European morning session 24 Nov

News:

BOE:

Other stories:

Data:

It's been another bad day at the office for the pound on dovish BOE talk and poor retail sector data, but in a session of German GDP and IFO we've had other news to contend with over a Russian plane being shot down.

Markets have been understandably skittish and we've seen a variety of moves including EURUSD up to 1.0670 after better IFO and softer equity markets which also saw EURGBP rise to 0.7054 before both ran into fresh sellers and retreating

The EURGBP demand was the start of the rot for GBPUSD which fell through support at 1.5150 to post 1.5110 before running into good demand into 1.5100 but the rally back through 1.5130 was short lived and those BOE comments have undermined it since. Support at 1.5100 still holding for the moment but it looks heavy still. Similar story on pound pairs across the board

The Russian plane story has made the headlines but only gave a minimal wobble to USDJPY and USDCHF sending the former through strong support/demand at 122.50 to post 122.40 only to bounce back while USDCHF dipped to 1.0170 from 1.0185

The Aussie $ had a small wobble of its own on comments from Stevens posting 0.7190 from 07210 before recovering its poise just as rapidly while USDCAD is also still ranging between 1.3325-75 after yesterday's oil-led fun and games

NZDUSD has been in general decline toward 0.6500 support from 0.6530 with AUDNZD demand cited after Steven's overall comments were perceived as being generally upbeat

US Q3 GDP provisional reading at 13.30 GMT now takes the attention with HPI and consumer confidence into the mix after

These are uncertain times and the markets are reflecting that

Caution advised

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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