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EUR the Early Winner, But Price Action Subdued Elsewhere

FOREX
  • EUR trades well, and on decent volumes despite the post-holiday feel across markets. Early pressure on the US yield curve helped EUR/USD through yesterday's highs, and top 1.1050 for the first time since August. 1.1081 rests above as the next major resistance for the pair, marking the 76.4% retracement for the July - October downleg. Clearance here would be a bullish development and open levels last seen in July ahead of the cycle best at 1.1276 more medium-term.
  • Meanwhile, strong EUR/GBP demand helped pressure GBP/USD off the day's highs, but the impact was short-lived, with the pair broadly unchanged headed into the NY crossover.
  • JPY is among the poorest performers, but price action is broadly contained. USD/JPY remains inside the recent range, and capped by the Y142.93 200-dma.
  • Little on the docket to distract markets Wednesday, with the US Richmond Fed Manufacturing Index the sole data release. The MNI Chicago PMI likely the highlight of the week, set for a Friday release at 1445GMT/0945ET. No G10 central bank speak is expected until the new year.
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