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EUR/GBP Prints a Fresh 2021 Low

FOREX
  • Further strength in US equity futures is fueling a risk-on backdrop, helping USD/JPY trade well ahead of the NY crossover. The pair trades either side of the Y114 handle at pixel time, with resistance at last Friday's high of Y114.21 the first upside resistance. As a result, the JPY and CHF are the poorest performers on the day, while growth proxies and commodity-tied FX including AUD and NZD trade at the top-end of the G10 pile.
  • GBP trades well, with EUR/GBP trading a fresh 2021 low this morning. Markets eye near-term support at the 1.0% 10-dma envelope initially at 0.8369 and 0.8356, the Low from Feb 26, 2020. Firmer support is expected headed into the 2019/2020 lows of 0.8282/77.
  • US new home sales data crosses alongside October consumer confidence, with a speech from ECB's Villeroy also on the docket.

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