Pound Continues Losing Run As May On Bring23 May 2019 by Dave Evans
Morning Report: 07.00 London
This morning, the British pound is extending its record losing run against the euro as May’s Premiership teeters on the brink. The EUR/GBP reversed early losses yesterday, with follow-on buying today as the pair holds above 0.8800. The GBP/JPY is firmly below 140, while the GBP/USD continues to slide, sitting below 1.2700.
Away from the pound, the US dollar is continuing its winning streak, forcing dollar pairs lower. The AUD/USD is set to challenge the lows, while the EUR/USD is lower and challenging support at 1.1150.
The USD/CHF remains rangebound, with the 1.0100 level acting as a price magnet.
Yen pairs are mixed, with the USD/JPY higher after yesterday’s selling. The AUD/JPY is unchanged below 76.00, with the EUR/JPY stuck below 123.00.
Coming up today
Today, a series of European Manufacturing and Services flash PMI from 07.15, starting with French data at 07.15, German data at 07.30 and European data at 08.00.
The ECB monetary policy meeting accounts are at 11.30.
The pound’s selling could get worse before it gets better, making higher levels likely for the EUR/GBP.