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  • Heads Up:🇧🇷 Interest Rate Decision due at 22:00 GMT (15min) Actual: 6.25% Expected: 6.25% Previous: 5.25% https://www.dailyfx.com/economic-calendar#2021-09-22
  • But ,how do you really feel? https://t.co/FCf3idzUOH
  • Central Bank of Brazil sees an additional 100 bps rate hike in October - BBG
  • Brazilian Central Bank hikes 100bps as expected. We have to split hairs for 'hawkish/dovish' in the Fed's views. Pretty straightforward here...
  • Central Bank of Brazil: - Raises Selic rate by 100 basis points to 6.25% - BBG
  • ARKK Innovation (ARKK), the EFT created by Cathie Wood that epitomizes disruptive growth investing, has trended downwards since Sept. 7 after failing to clear resistance in the 126.50 area. Get your market update from @DColmanFX here:https://t.co/TIcfOdpmpu https://t.co/RhPa39Dygw
  • Speaking of monetary policy changes, the Brazilian central bank is due to announce its updated policies and the economist consensus is for a 100bp hike to 6.25%. Keep an eye on $USDBRL. Scenario with the most market-moving potential in my book would be a hold and USDBRL rally
  • The implied rate hikes from the Fed through the end of next year (Dec 2022 vs current Fed Fund futures contracts) jumped after today's FOMC report. Goes a long way towards explaining the $DXY Dollar jump here https://t.co/bHP0L76B71
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 6.25% Previous: 5.25% https://www.dailyfx.com/economic-calendar#2021-09-22
  • The corrective pullback still seems to be in play but the drop below 109.00 has been in the works for too long now, which is a sign of concern for bears. Get your $USDJPY market update from @HathornSabin here:https://t.co/ISlf6DwISE https://t.co/mSqszlVolI
GBP/USD Eyes Final MRP Poll, South African Rand (ZAR) Collapses - US Market Open

GBP/USD Eyes Final MRP Poll, South African Rand (ZAR) Collapses - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – GBP/USD Eyes Final MRP Poll, South African Rand Collapses

DAILYFX UK GENERAL ELECTION PREVIEW

GBP: A slew of weaker than expected data points from the UK failed to curtail the Pound’s march higher with eyes on the final YouGov MRP poll at 2200GMT (prior MRP poll showed Conservatives winning 359 seats). The UK economy flatlined in October, missing expectations for a 0.1% rise, this had been due to weakness in the manufacturing sector offsetting the growth in the services sector.

ZAR: The South African Rand has been the notable underperformer across the FX space with the currency dropping over 1% amid the continued concerns pertaining to Eskom load shedding. Late in yesterday’s session Eskom had surprised many by conducting a stage 6 load shedding process for the first, which in turn raises the risk that South African growth will be weaker going forward. Eyes on the pivotal 15.00 handle.

NOK: Weak session thus far for the Norwegian Krona following the weaker than expected Norges Bank Regional Network Survey. Consequently, NOKSEK printed fresh monthly lows at 1.0359. That said, seasonality factors also tend to weigh on the NOK in December, therefore we look for a NOKSEK reversal from the turn of the year following the Riksbank’s expected rate hike.

NOKSEK Tends to Bottom at the Turn of the Year

GBP/USD Eyes Final MRP Poll, South African Rand (ZAR) Collapses - US Market OpenGBP/USD Eyes Final MRP Poll, South African Rand (ZAR) Collapses - US Market Open

Source: DailyFX, Refinitiv

Economic Calendar (10/12/19)

GBP/USD Eyes Final MRP Poll, South African Rand (ZAR) Collapses - US Market Open

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. UK General Election Preview: Everything You Need to Know” by Justin McQueen, Market Analyst
  2. Sterling (GBP) Analysis - GBP/USD Rally Continues on Latest Poll Boost” by Nick Cawley, Market Analyst
  3. FTSE Technical Outlook – Selling Could Soon Bring Long-term Support into Play” by Paul Robinson, Currency Strategist

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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