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EUR: EUR/USD Sheds ~50 Pips on Greens Opposition to Debt Brake Package

EUR
USCEEMEABulletMarketsForeign Exchange BulletsNorth America

EUR snaps lower on headline stating that Germany's Greens will not support a draft debt package in parliament, putting EUR/USD back into negative territory on the day and steering clear of any test of the Friday highs.

  • USD gains slightly on the follow through move, meaning GBP/USD is dragged back down to the 1.2900 handle. Bund futures spike ~30 ticks on that headline, with a lack of Green support reducing prospects for debt brake reform within the current (i.e. Pre-election) Parliament. Friday's high in Bund futures at 128.29 has provided support for now.
  • This move from the greens is somewhat unexpected - they're one of the key coalition parties needed alongside the CDU and SPD to get the draft package through parliament. The party spokesperson follows up with:

"GERMAN GREENS PARTY OFFICIAL DROEGE: IF CDU AND SPD WANT OUR BACKING MUST SHOW THAT INVESTMENT GOES TOWARDS CLIMATE AND COUNTRY" - Reuters

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EUR snaps lower on headline stating that Germany's Greens will not support a draft debt package in parliament, putting EUR/USD back into negative territory on the day and steering clear of any test of the Friday highs.

  • USD gains slightly on the follow through move, meaning GBP/USD is dragged back down to the 1.2900 handle. Bund futures spike ~30 ticks on that headline, with a lack of Green support reducing prospects for debt brake reform within the current (i.e. Pre-election) Parliament. Friday's high in Bund futures at 128.29 has provided support for now.
  • This move from the greens is somewhat unexpected - they're one of the key coalition parties needed alongside the CDU and SPD to get the draft package through parliament. The party spokesperson follows up with:

"GERMAN GREENS PARTY OFFICIAL DROEGE: IF CDU AND SPD WANT OUR BACKING MUST SHOW THAT INVESTMENT GOES TOWARDS CLIMATE AND COUNTRY" - Reuters