EUR/USD creeps to new weekly lows but.........>

FOREX: EUR/USD creeps to new weekly lows but markets lack conviction

- In a very light session absent of any major macro cues currency markets traded

inside recent ranges, with price action reminiscent of consolidation after a

volatile few weeks. EUR inched lower against most others in G10, prompting a new

weekly low for EUR/USD, but major support ahead of $1.12 remains in tact for

now.

- Equity markets mirrored that tone, with US indices within 0.5% of the Tuesday

close for the bulk of the session. Stock markets were stronger in early hours,

but further accelerations in the COVID case count for Texas and Florida helped

temper these gains.

- Given the muted price action in spot FX, options and futures activity was also

suitably lower, giving the market little directional conviction so far.

- Australian jobs data and weekly US jobless claims metrics cross Thursday. Rate

decisions are due from the Swiss, UK, Norwegian and Indonesian central banks.

Speeches are also due from various BoE, ECB, Fed and BoC members.