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EUROPE SUMMARY: Stg Straddle Buying Continues


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AUSSIE: AUD outperformed alongside NZD overnight after a source report by Axios
stating that U.S. presidential advisers informally discussed the possibility of
holding a Trump-Xi summit next month. It's also worth reminding that US chief
trade negotiator Lightizer and Tsy Sec Mnuchin travel to Beijing this week to
continue trade talks ahead of the March 1 deadline. AUDUSD extended its recovery
off Friday's pullback low ($0.7061) to briefly trade above the $0.71 level.
Near-term resistance is seen at $0.7117/29 from the Feb 7 high & 100-hma, above
here brings the 100 & 21-dma's into view at $0.7167/70. EURAUD briefly traded
below the 100-dma (A$1.5937), before fading. A close below opens the potential
of a return to the A$1.59 level, ahead of the 50% fibo of A$1.5721-1.6060 at
A$1.5891 & 200-dma at A$1.5856.