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EURUSD: Pair Tests Lows as Volume Picks Up Into NY Hours

EURUSD
  • EUR/USD slippage extends to new daily lows, extending weakness on the fade through earlier lows of 1.1126 to narrow the gap with 1.1100 support. This extends the intraday corrective move off yesterday's highs, but the magnitude of the move remains small despite the pick-up in volumes in recent trade (EUR futures have now traded ~15% higher volumes vs what you'd expect to see at this time of day).
  • Greenback now the strongest performing currency in G10 (had been CHF, GBP earlier today) with Schmid's retained hawkishness providing another tailwind, and in particular the dismissiveness of yesterday's payrolls revisions.
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