GBP: Light Volume Rally Sees GBP/USD Strength Falter Into 1.3331

Tesoro Publico has announced it will be looking to sell a combined E2.0-3.0bln of the following letras at its auction tomorrow, July 8:

• the 3-month Oct 10, 2025 letras
• the 9-month Apr 10, 2026 letras

• The EUR is mostly mixed against G10s, the Stokkie is still the best performer following the rise in Inflation for Sweden.
• The Kiwi sits at the other end, down 0.56% but off its worst earlier levels, after EURNZD rallied to its highest level since mid April heading into the European session.
• EURGBP targets the next immediate support at 0.8606, this was last Thursday's low.
• A clear break through the figure would challenge 0.8550/0.8503 20- and 50-day EMA values, but given that the main focus is on Tariffs this Week, some of the momentum could be somewhat more contained.

• Date $MM Issuer (Priced *, Launch #)
• 07/07 $Benchmark IADB 10Y 
• 07/07 $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
• 07/07 $Benchmark Shinhan Financial 5Y +63
• 07/07 $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y