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Wrong Brexit comment limits the short term gains of GBP

USD in steady move overnight after White House adviser Peter Navarro says Trump trade policy has no plans to impose investment restrictions. The Asian stock recovering slightly with Nikkei going higher up to 0.02% and European stock slightly opens up. USDJPY rebounded but remain capping under 110.00-10 resistance with downside demand around 109.30. Overall USD remain in sideway consolidation and rather slow movement remains.

EUR rebounded on broad EUR cross recovery but still remain in sluggish move, topside sellers around 1.1720-30 and demand around 1.1650 and 1.1610-20.

GBP follows the EUR movement but earlier London Mayor Khan says Theresa May has Brexit priorities in “all wrong” comments still highlights the uncertainty ahead and will limit the short term gains for GBP.

Commodity currencies remain in defensive mode with broad yield differential and tension of US/China trade issue still exists.

Today UK PMC member Haskel, McCafferty, Fed’s Bostic, Kaplan speech as well as US House Price index, Richmond Fed Manufacturing Index and stock/bond market move will direct the intraday action.

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