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EUR/USD Sinks to New 2021 Low

FOREX
  • EUR/USD holds close to the day's lows amid a firmer greenback and further signs of a slowdown in the post=pandemic recovery. Eurozone retail sales for August came in well below expectations, with the July figure also being revised lower to a drop of 2.6% on the month. The pair has so far found some support at the 1.1550 level, but further weakness would open losses toward 1.1493, the 50% retracement of the 2020-2021 rally.
  • Risk-off is evident across assets this morning, with equities sinking to erase the entirety of Tuesday's late rally. A push through 4267.50 could reignite the risk-off tone, further favouring the USD and haven currencies, which are already outperforming ahead of the NY crossover.
  • At the other end of the table, NZD is the underperformer, falling against all others despite the RBNZ hiking rates overnight. While the bank took the first step in their tightening cycle, they declined to provide a commitment to further rate rises, undermining NZD throughout Asia-Pac trade.
  • Focus turns to ADP employment change data for another further insight into Friday's payrolls release. There are no notable central bank speakers Wednesday.
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