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EUR Crosses Come Under Pressure As ECB Beckons

FOREX
  • G10 currencies exhibited mixed performances to start the week with a lack of economic data and a slew of central bank decisions scheduled over the coming days.
  • The Euro was a notable underperformer ahead of Thursday's ECB rate decision and press conference. EURUSD held once again between 1.1665-70 before selling pressure saw the pair dip back below the 1.16 mark to lows of 1.1591. Broader trend conditions have remained bearish with recent gains for the pair considered corrective. Key support and the bear trigger is 1.1524.
  • With the single currency under some renewed pressure, the most significant moves since the open were in EURAUD and EURNZD, rising 0.65% and 0.45% respectively. This marked a resumption of a broad downtrend in place for both these pairs throughout October and may be monitored more closely as Thursday's meeting looms.
  • USDCAD continues to consolidate ahead of Wednesday's BoC decision. The pair however remains in downtrend with moving average conditions remaining in bear mode, reinforcing current trend conditions. Initial firm resistance is seen at 1.2494, Sep 3 low. A break would ease bearish pressure.
  • Another light data calendar on Tuesday with US consumer confidence the headline. Markets will focus their attention on Wednesday's release of Australian CPI and the Bank of Canada October meeting.
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