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Video: Pound Proves More Volatile Than Yuan on Data, SPX on Risk

Video: Pound Proves More Volatile Than Yuan on Data, SPX on Risk

2016-01-20 01:34:00
John Kicklighter, Chief Strategist
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Talking Points:

• The weekend liquidity drain proved at least a temporary firebreak for 2016's lurking risk aversion

GBPUSD continues to tumble after BoE Governor Carney further pushing back rate hike expectations

• US and Canadian event risk (CPI and BoC decision) offer top volatility fodder over the coming 24 hours

See the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold as well as our favorite 2016 trading opportunities in the DailyFX Trading Guides page.

Risk trends may be 2016's most prominent theme and China 4Q GDP this week's top data release, but both were unseated by more pedestrian event risk this past session. Extending a momentous decline - 20 out of the past 25 days - GBPUSD tumbled to a fresh seven-and-a-half year low Tuesday on the back of dovish BoE Governor commentary. Mark Carney heaped on further skepticism for the economy and inflation forecasts to snuff lingering expectations of a rate hike in the near future. Bleeding that hawkish potential has translated into moves like the driving Cable plunge, early GBPJPY breakdown and abrupt losses on crosses (GBPAUD, GBPNZD and EURGBP). That said, we shouldn't write off the persistent risk aversion sentiment that has taken foothold at the turn of the year. Nor should we ignore Chinese growth figures as 'close enough to consensus' or 'dubious statistics'. Both themes have plenty of potential moving forward with the correct sparks. In the meantime, the US and Canadian dollars are on the board with CPI data and a BoC rate decision scheduled respectively. We look at themes and discreet event risk in today's Trading Video.

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