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Fix-Driven Selling Prompts EUR/USD to Erase the Entirety of the Day's Gains

EUR
  • EUR fades fast through fix, with EUR/USD wholly erasing the day's gains into the Monday close. Spot now well within range of the overnight lows at 1.0506 for direction, shedding around 50 pips off the intraday high.
  • A minor volume spike in the minutes headed into the fix looks largely responsible, with around 5,000 futures contracts trading inside the three minutes either side of the 4pm WMR fix. That's a cash equivalent of approximately $664mln and continues to suggest relative illiquidity of markets ahead of key risk events later this week.
  • Move is reminiscent of the GBP/USD rally into the Dec 6 fix last week - again a move of a similar magnitude driven by only a small spike in market activity.

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