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FOREX: EUR/USD Makes Light Work of Bull Trigger

FOREX
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  • EUR/USD made light work of yesterday's highs in early trade, rallying through 1.0930 with little difficulty and tripping the bull trigger in the process. Price action this morning was intially driven by USD weakness, but the looming debate in the 'old' Bundestag over the debt brake reform is due, and markets are building a successful passage of the legislation into the price.
  • Reports in German press suggest there is sufficient wiggle room among lawmakers to secure a passage of the bill even in the case of a series of a no votes among both core lawmakers and the Greens - helping EUR outperform most others into the US crossover.
  • The Trump-Putin call is set for 1300GMT/0800ET, at which the leaders are expected to discuss, in detail, the specifics of a Ukraine ceasefire, including settlement terms. Unexpected progress today could be seen as risk positive, posing further upside risk to EUR/JPY, which has helped pressure JPY to the bottom of the G10 table so far Tuesday.
  • US housing starts and Canadian inflation data are the calendar highlights ahead of the industrial production release. The Fed remain inside the pre-decision media blackout period. 
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  • EUR/USD made light work of yesterday's highs in early trade, rallying through 1.0930 with little difficulty and tripping the bull trigger in the process. Price action this morning was intially driven by USD weakness, but the looming debate in the 'old' Bundestag over the debt brake reform is due, and markets are building a successful passage of the legislation into the price.
  • Reports in German press suggest there is sufficient wiggle room among lawmakers to secure a passage of the bill even in the case of a series of a no votes among both core lawmakers and the Greens - helping EUR outperform most others into the US crossover.
  • The Trump-Putin call is set for 1300GMT/0800ET, at which the leaders are expected to discuss, in detail, the specifics of a Ukraine ceasefire, including settlement terms. Unexpected progress today could be seen as risk positive, posing further upside risk to EUR/JPY, which has helped pressure JPY to the bottom of the G10 table so far Tuesday.
  • US housing starts and Canadian inflation data are the calendar highlights ahead of the industrial production release. The Fed remain inside the pre-decision media blackout period.