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GBP still capping for any meaningful rallies

USD in gradually weakening move as the market remain to focus on trade war issue after the resignation of Trump’s top economic adviser. S&P future lower down over 1% and also the Asian stock market that driven more risk off sentiment again as fragile risk sentiment also continues. USDJPY pulls back below 106 again and further risk for test year lower at 105.25 still despite of the market talks with some option defense at 105 and 104 handle.

EUR cross demand remains strong and further strength of EUR ahead of tomorrow’s ECB meeting. Today the Eurozone Q4 GDP might have small impact but the overall attention is for tomorrow’s ECB meeting and Draghi speech as the next direction.

GBP remains in large choppy range movement with the weak USD providing some support for the currency. But GBP cross weakness still capping any further meaningful rallies especially in the effect of current mix reaction with Brexit uncertainty. Today US ADP data, trade balance, Q4 non-farm productivity and unit labor cost as well as stock/bond market move will direct the intraday action.

Overall USD remains in mix reaction and market remains to focus for position adjustment ahead of risk event later of the week.

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