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EUR/USD Slips After Failed Test of Bear Channel Top

FOREX
  • EUR/USD trades lower headed into the NY crossover, with the pair fading following the challenge of the bear channel top at 0.9998. The dip lower in the pair is primarily USD driven and part of broader market consolidation after the sharp equity rally posted since the beginning of the week.
  • GBP's post-Mini budget bounce is similarly fading, with GBP lower against most others in G10. Markets look to the PM's conference appearance later today (1100BST/0600ET) for direction, with Truss expected to double-down on her government's pro-growth strategy.
  • The moderation in risk sentiment has seen the USD Index decline bottom out, with prices bouncing slightly off the Tuesday low at 110.055. Labour market data may determine the longevity of any bounce, with ADP employment change and ISM Services later today, ahead of NFP on Friday.
  • NZD is the firmest currency in G10 following a hawkish turnout from the RBNZ decision. The bank raised rates by 50bps - as expected - but confirmed the bank also examined a 75bps step to tackle stubborn inflation.
  • Focus turns to US and Canadian trade balance data as well as the final September US stats. ISM services index will also be watched closely for any repetition of the weak employment component posted as part of the manufacturing release on Monday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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