FX Brief: Pound Pounded

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  • Ahead of the open on Wall Street, the GBP has been the weakest among the major currencies on increased risks of an economic downturn and a potential rate cut by the BoE.
  • AUD has been the strongest for the second consecutive day after the RBA’s rate cut to a historic low of 1% was accompanied by a policy statement which was deemed to be a lot less dovish than expected.
  • European stocks and US index futures were higher; crude oil managed to regain some lost ground after yesterday’ big drop and gold was giving back some of yesterday’s sharp gains as demand for haven assets fell.
  • US ADP Employment came in at +102K in June vs. 140K expected, with the previous reading revised higher to 41K from 27K. This bodes ill for the NFP. Among other pre-NFP leading indicators will be the employment component of the US ISM non-manufacturing PMI, due for release at 15:00 BST.


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