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EUR Makes Light Work of Monday High

FOREX
  • The EUR sits close to the top of the G10 pile Tuesday, with the release of several sources reports to Bloomberg and Reuters making a 50bps rate hike at this Thursday's ECB a certain topic for discussion - although the median consensus still looks for a smaller 25bps rise this week.
  • EUR/USD made light work of the Monday highs upon release, turning attention to resistance at 1.0258, the 20-day EMA. A breach of the average would strengthen bullish conditions and signal scope for an extension within the bear channel.
  • The greenback is among the poorest performers early Tuesday, extending the weakness noted on Monday as the USD Index extends the pullback off last week's cycle high. The USD Index is now near 2.5% off the best levels of last week.
  • As was the case pre-market yesterday, US equity futures are firmer, indicating a positive open on Wall Street later today after the late downdrift in markets into the close. The firmer risk backdrop is helping AUD and NZD shore up recent strength, while WTI back above $102/bbl helps oil-tied FX outperform.
  • US housing data takes focus going forward, with housing starts and building permits data on the docket. ECB's Makhlouf is due to speak, although policy comments are likely few and far between given the proximity to Thursday's rate decision. BoE's Bailey is also scheduled to speak, delivering the Mansion House speech alongside Chancellor Zahawi.
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