GBP trading well despite deeply contractionary mfg PMI – Scotiabank

Pound Sterling (GBP) is down 0.2% against the US Dollar (USD) and a mid-performer among the G10, trading relatively well despite a generally disappointing preliminary PMI release, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Trend in GBP/USD remains bullish

"The manufacturing print disappointed with a relatively deep contractionary print of 45.1 while services climbed just above the expansion threshold, printing 50.2."

"The trend in GBP/USD remains bullish, with consolidation just below Wednesday’s multi-year high. The RSI is just below 60, leaving ample room for further near-term gains. Near-term support is expected below 1.33."

May 22, 2025

CAD steady, risk reversal pricing, technical lean bullish – Scotiabank

The Canadian Dollar (CAD) is down marginally, reflecting the minor lift in the US Dollar (USD) generally more than anything else.

JPY outperforming with modest gain – Scotiabank

Japanese Yen (JPY) is entering Thursday’s NA session with a modest gain against the US Dollar (USD), a lone performer in an environment of mild (albeit broad-based) USD strength, Scotiabank's Chief FX Strategist Shaun Osborne notes.