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Euro Crosses Under Pressure As Equities Edge Higher

FOREX
  • Although the greenback trades mixed against its major G10 counterparts, the USD index has risen 0.2% on Monday. It has been led higher by broad underperformance of the Euro, prompting a 0.4% decline for EURUSD, which briefly traded below 1.0800 for the first time since December 13. Some late moderate greenback weakness on the back of the Treasury’s quarterly refunding announcement has largely been contained as we approach the APAC crossover.
  • For EURUSD, 1.0822, the Jan 23 low, has been breached and this confirms a resumption of the current downtrend. Price action narrowed the gap substantially to the next notable target of 1.0793, a Fibonacci retracement. 1.0724, the Dec 8 low is the next support level.
  • A solid start to the week for equities, sees the likes of AUD and NZD outperform, with the associated jolt lower for EURAUD (-0.69%) and EURNZD (-0.71%), the most notable on Monday.
  • Lower US yields, accentuated by the quarterly refunding announcement late in the session, has propped up the Japanese Yen. While USDJPY trades back below 148.00, similar dynamics have seen EURJPY comfortably fall back below 160.00 to a two-week low. Initial firm support is at 158.55, the Jan 12 low.
  • Australian retail sales is due overnight before Spanish CPI and other European GDP figures. In the US, JOLTS data and consumer confidence will cross before Wednesday’s Fed Decision & presser.
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