RRP usage bounces to $177.871B from Tuesday's $143.243B -- the lowest since May 6, 2021. The number of counterparties rise to 57 from 50 prior.
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The trend condition in EURGBP remains bearish, however, last Thursday’s strong rally highlights possible reversal. Note that the cross is trading close to the base of its 0.9300 - 0.8300 multi-year range and a key area of support. Moving average studies remain in a bear-mode position, highlighting a dominant downtrend - for now. Key support is at 0.8311, the Oct 1 low. Key resistance is 0.8464, the Sep 11 high. First resistance is 0.8434, Oct 23 high.
Ipsos has published analysis showing that numerous key indicators, including polling averages, confidence on handling the economy, and favourability have all shifted in favour of Harris since she assumed the Democratic Party presidential nomination.
Figure 1: Change in Key Indicators Since Harris Assumed Nomination
Source: Ipsos