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EUR/USD Eyeing High of the Day Pre-Month-End Fix

EUR

Some EUR buying interest evident headed into the WMR fix / month-end.

  • EUR/USD gaining through the break of short-term downtrendline drawn off the August 17th high at 1.0203, with spot narrowing the gap with the Friday high of 1.0090.
  • The uptick in activity evident in the spike in future volumes, with EUR futures seeing over 4,000 contracts trade inside 120 seconds for a cash equivalent of just over $500mln. That's the best volumes of the day just ahead of the close.
  • RE month-end, recall Citi's final month-end model leaned toward USD buying against all others in G10 with the exception of the EUR, with foreign investor's EUR buying needs largely balancing the global USD buying requirement this month.
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