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EUR/GBP Dips to Multi-Month Low

FOREX

EUR/USD sits below the Monday low headed into the NY crossover, with support at 1.1796 giving way. Moves in currency markets this morning have not been headline driven, but crosses including EURGBP may be adding some weight to the single currency. The cross broke below the 200-dma at 0.8924 for the first time since May, helping GBP sit at the top of the G10 pile early Tuesday.

Sterling may be getting some support as markets rush to price out the likelihood of lower rates in the UK next year (driven by yesterday's vaccine-induced rally), and could be benefitting from resistance in the House of Lords yesterday to the government's Internal Markets Bill, which could make including the elements that run against international law more difficult.

While GBP outperforms, EUR is lagging alongside CHF and SEK.

Fedspeak tops the agenda Tuesday, with speeches due from Kaplan, Rosengren, Bostic, Quarles and Brainard. There is no data of note.

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