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EURUSD Hovers At Session Lows As Greenback Grind Higher Resumes

EUR
  • Despite the brief bout of greenback selling ahead of and during the month-end WMR fix, the dollar grind higher has resumed, prompting the USD index (+0.68%) to narrow back in on the best levels of the session.
  • EURUSD hovers right at session lows as the single currency continues to be one of the worst performers in G10. The euro was initially undermined this morning by a series of lower-than-expected CPI prints from France and the Netherlands - releases which spelled downside risks vs consensus for the Eurozone CPI Estimate, which also came in below surveyed median forecasts.
  • The trend outlook in EURUSD remains bullish and the pullback from yesterday’s high is likely a correction. Note that the trend condition is overbought and a corrective pullback would allow this set-up to unwind. Initial support to watch is 1.0852, the Nov 22 low.
  • Final Eurozone manufacturing PMI data are unlikely to move the dial, and greater focused will be placed on the US ISM Manufacturing PMI to round off the week. Worth noting ECB’s Lagarde is also due to speak at the ECB Forum on Banking Supervision, in Frankfurt.
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