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FOREX
FOREX: Europe plays catch-up, sending risk into reverse
- Continental stock markets sank Monday, catching up with the negative
performance posted in both the US and UK late last week. As such, European
equities shed 3-4% and helped keep a nascent bidtone across both JPY and USD.
- Generally, it was a quiet session, with little data or market-moving headlines
to trigger much activity in either direction. The sharp drop in the USD at April
month-end continues to fade, keeping EUR/USD and GBP/USD under considerable
pressure to begin the week. EUR, GBP were the poorest performers in G10, with
Monday's PMI data highlighting what is likely only the beginning of COVID
inspired economic weakness in Europe and the UK government's commitment to not
extending the transition period weighing.
- The German constitutional court judgement on the ECB's asset purchase plan is
due Tuesday, but markets expect a begrudging thumbs up from the German court.
The RBA rate decision is also due, with the bank seen keeping rates unchanged.
Canadian and US trade balance figures are due, as well as final US & UK services
PMI data.
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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