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FOREX: Eurozone woes still weigh
-The single currency fell sharply in early European hours on the back of a
particularly woeful set of PMI numbers from Germany and France, with broad-based
weakness across both services and manufacturing sectors. The moves bring YTD and
multi-year lows at $1.0927 back in range, with a break below there opening
levels not seen since May 2017. EUR/USD staged a minor recovery ahead of the
close, but the downside bias remains.
-GBP was the only G10 currency to underperform the EUR, with traders clearly
cautious on the currency ahead of tomorrow's judgement from the UK Supreme Court
on whether the PM's suspension of parliament was lawful. This was also reflected
in implied volatility markets, with the front end of the vol structure heading
back to levels not seen since April. NZD sat at the other end of the scale,
rallying as markets pared back pricing of RBNZ policy action on Wednesday.
-Japanese manufacturing PMIs, German IFO data and US consumer confidence numbers
are the data highlights Tuesday. Speeches from BoJ's Kuroda, ECB's Villeroy and
de Guidnos are also on the docket.