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ECB's Lane Adds Extra Weight to EUR

FOREX
  • The single currency started the session poorly, and weakened further upon release of an MNI interview with ECB's Lane. Lane flagged that the ECB will consider a slower pace of tightening at the December meeting, with the governing council weighing signs that bank lending conditions are already tightening against accelerating wage inflation.
  • EUR/USD traded a low at 1.0226 Monday, narrowing the gap with support at 1.0193 - the 38.2% retracement for the November upleg.
  • Risk sentiment has suffered from the off, with equity futures lower on both sides of the pond. Moves follow the deterioration in China's COVID backdrop as a number of regional governments reintroduced mobility restrictions after infections rose at the fastest rate since April.
  • JPY is the poorest performer in G10, with USD/JPY boosted by the firmer Dollar Index and putting the pair above the previously well-held 100-dma resistance of 141.03. 142.48 marks the next upside level, the November 11th high.
  • Datapoints are few and far between Monday, with just the Chicago Fed National Activity Index on the docket. ECB's Holzmann, Centeno and Nagel speak, as well as Fed's Daly.
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