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Brief Spike For Single Currency on German Headlines, Quickly Pares Gains

EUR
  • The German Chancellor will reverse the nation’s steadfast position and support joint issuance of European Union debt to alleviate the pressure of the ongoing energy crisis as long as the freshly raised money is disbursed to struggling member states as loans, not grants.
  • The issuance of joint debt would represent a dramatic about-face for the German government, which, along with other countries including the Netherlands, has pushed back against such measures.
  • The details of any new program haven’t been set, but it would likely be smaller than the debt-financed €724 billion Covid recovery fund. A German government spokesperson declined to give a clear answer when asked about Scholz’s position on joint debt.
  • The Euro received a quick boost on the headlines, trading from just above the 0.97 handle to print 0.9745. EURUSD has since pared all those gains with the spike potentially being exacerbated by impacted liquidity due to the US Columbus Day Holiday.
  • Overall, EURUSD continues to fade further off the bear channel top, tested last week. Next up in terms of key support levels are 0.9636/9536 lows from September 29/28.
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