FX Majors Weekly Report November 27th

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Sterling is currently outperforming the euro, with a more aggressive closing of sterling
short positions, alongside the upside surprise in last week’s PMI data and a raft of
autumn statement policies which have helped the Conservatives in recent polls.
Combative and still hawkish rhetoric from Andrew Bailey and Huw Pill remind markets
not to get too excited about imminent rate cuts.


Sterling continues to enjoy upside momentum, seen since the technical continuation
above the huge 1.2448 level, boosted by both an ongoing selling of the dollar, and last
week’s upside surprise in services and manufacturing PMI (purchasing managers index)
which is one of the forward-looking economic assessments.


As per the last few weeks, the euro continues its resilient push higher, as negative
sentiment ebbs away, euro short positioning reduces and a weaker dollar allows gains
ahead of some more EU data this week.

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