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EUR Vol steady ahead of the awaited ECB

FOREX
  • The Dollar started the overnight and the early European session on the back foot, not too surprising given the Risk On tone, and the push lower in Yield in what has been a disappointing week on the Data front for the US.
  • US ISM Services and price paid was more mixed Yesterday though, and attention will now turn towards the US NFP/AHE Tomorrow for the US.
  • For today, going into the ECB meeting when a 25bps cut is widely expected, and should happen unless the ECB wants to lose some credibility, EUR Option Vol has stayed fairly subdued ahead of the meeting.
  • Early mover was again the Yen during the early European session, with the Yen paring most of its overnight gains, versus the EUR, GBP, USD and AUD.
  • The resistance noted at 156.49, Tuesday's high, held Yesterday, after printing a 156.48 high, and has held again today, only managing a 156.38 high print.
  • Going into the US session, the Swissy is still the best performer against the Greenback in G10, albeit by just 0.20%.
  • The Kiwi is down 0.08%, while the JPY, CAD, GBP, and AUD are closer to flat.
  • Looking ahead, main focus will be on the ECB and presser, while on the Data front, US IJC, will be the only notable Data release.
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