Sterling is still displaying a degree of resilience on BoE rate recalibration grounds due to Governor Bailey’s NIRP push-back yesterday, but also on a slightly more positive note from UK PM Johnson who claims to see signs that national lockdown is stemming the pandemic spread. Cable has rejected 1.3700 again, but bounced from sub-1.3650 lows after a temporary breach of a Fib retracement level (23.6% of the move from 1.3450 to 1.3701 at 1.3642) and Eur/Gbp
is filling what looks like pre-fix RHS
orders just above 0.8900 after failing to extend the downside through the round number. Aussie under 0.7750 pre-NZ building consents and retail sales by card payment, plus Chinese trade data, with little lasting support for Nzd/Usd
retracting its forecast for the RBNZ to adopt NIRP. There are two possibilities on GBP/AUD
with short-term upside favoured.