GBP: Negative Markets Bias May Provide Asymmetric Risks Around UK Data Ahead

• Watch the EUR and the Pound, both falling through new lows, but the Dollar is seeing a broader bid, Risk Off tone and Elevated Yield have been supportive of the Greenback, and also a continutaion since Friday's data.
• EURUSD is through the initial 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg, further momentum opens to 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
• Cable sees 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing next.

WTI & Brent have registered the highest levels seen since August, factoring into the weakness in core global FI markets.

• Next resistance of note in WTI located at $79.59, while resistance in Brent is seen at $83.79.
• Our commodities team continues to point to the deepening of U.S. sanctions against Russia as the major bullish factor for crude oil, although Platts have noted that sanctioned barrels still seem to find a way to market.
• Demand for Middle East crude is also noted, as judged by benchmark premiums paid.
• The bid in European natural gas prices will also be having a hawkish impact on EUR STIRs, factoring into EGB weakness.

SFRU5 95.62/95.50ps sold at 3.5 in 9k.