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EUR/USD Firm on Risk, Month-End Outlook

EUR
MNI (London)
  • A push higher in UST yields into Wednesday's NY session, which along with suggested US corporate USD demand month-end value, saw EUR/USD drop back to $1.2109 before recovering (as UST yields eased and equities recovered) through the 1600GMT fix to retest earlier highs of $1.2175 into the close.
  • UST yields pushed higher in early Asia and saw EUR/USD pressed back to $1.2156, the move also helped by USD/JPY demand for Goto-bi day. As UST yields eased so EUR/USD picked up fresh demand, risk outlook aided by equity performance, taking rate through the area of recent highs at $1.2175/80 to $1.2183.
  • Germany GfK 0700GMT, ECB M3 0900GMT ahead of EZ Confidence data at 1000GMT. ECB Lane speaks at 1045GMT.
  • US GDP, PCE, Jobless Claims, Durable Goods 1330GMT, Pending Home Sales 1500GMT.
  • ECB Guindos and de Cos speak at 1500GMT.
  • Fed speakers include Bostic(hawk)1330GMT, Bullard(non-voter, dove) 1530GMT, Quarles1610GMT, Williams(dove) 2000GMT.
  • UST yields, Fed speak and US fiscal stimulus headlines remain key. Month-end Friday with suggested USD sales to be seen at fixes.
  • Support $1.2156, $1.2135/25 ahead of $1.2110/00. Resistance $1.2183, stronger into $1.2190/1.2200($1.2190 Jan22 high/$1.2197 61.8% $1.2349-1.1952). Break to expose $1.2220/30, ahead of $1.2250/60($1.2255 76.4%).
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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