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FOREX: EUR Picks Up on Better Participation, Yields Prove Supportive

FOREX
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  • Pick up in volumes behind the recovery in EUR here, with over 2k contracts trading inside two minutes at 0922GMT across EUR futures, for a cash equivalent of ~$300mln and the best activity for the day so far.
  • The resultant EUR/GBP highs puts the cross at the best level since Nov06, which narrows the gap with 0.8448, a break above which would resume the upleg posted off multi-year range-defining support at the ~0.83 handle.
  • Moves likely partially led by rates, as the US 10y yield dips back toward the day's lower levels (albeit still well clear of Friday lows, but moving in the right direction) - but the bounce off support at the 162.26 50-dma in EUR/JPY will be compounding the effect, earmarking 165.04 as the next upside level.
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  • Pick up in volumes behind the recovery in EUR here, with over 2k contracts trading inside two minutes at 0922GMT across EUR futures, for a cash equivalent of ~$300mln and the best activity for the day so far.
  • The resultant EUR/GBP highs puts the cross at the best level since Nov06, which narrows the gap with 0.8448, a break above which would resume the upleg posted off multi-year range-defining support at the ~0.83 handle.
  • Moves likely partially led by rates, as the US 10y yield dips back toward the day's lower levels (albeit still well clear of Friday lows, but moving in the right direction) - but the bounce off support at the 162.26 50-dma in EUR/JPY will be compounding the effect, earmarking 165.04 as the next upside level.