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EUR/USD Touches New 2021 Lows

FOREX

The single currency is extending recent losses, with the EUR again among the poorest performers in G10. EURUSD accelerated losses on the break through Monday's low to hit lowest levels of the year and lowest since early December. This has opened support at the Sep 1 low and former breakout level at 1.2011. Below here, the 100-dma undercuts as support at 1.1962.

CAD is the best performer in G10, with NOK not far behind as WTI and Brent crude futures post decent gains. Oil trades with gains of over 2% as USD weakness buoys commodities, helping crude futures chew through near-term resistance.

Data has been few and far between this morning, although Eurozone GDP for Q4 came in ahead of expectations, but still showed sharp contraction of 5.1% over the year.

There are no tier one data releases crossing later today, keeping focus on the speaker slate. This includes ECB's de Cos, Fed's Kaplan and Mester. US earnings could draw some focus, with Pfizer, ExxonMobil, Alphabet and Amazon all due today.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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