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FOREX: EURUSD Trades to Fresh Cycle Lows, Extends Below 1.0500

FOREX
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  • General dollar strength ahead of and following the WMR fix sees EURUSD dip back below the 1.05 handle in recent trade, printing fresh cycle lows in the process.
  • EUR futures volumes surged following the passage of the WMR fix - over 7k contracts traded inside 10 minutes for a cash equivalent of just over $1bln.
  • Both Spain and VW headlines may be assisting the downtick, and further weakness would put the immediate focus on both 1.0484, a Fibonacci projection and the 2023 lows at 1.0448, a key support.
    • "SPAIN'S LOWER HOUSE APPROVES TAX PACKAGE INCLUDING EXTENSION TO BANK WINDFALL TAX" - Reuters
    • "VW LABOR SIDE SAYS WARNING STRIKES AT VW TO START IN DECEMBER" - bbg
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  • General dollar strength ahead of and following the WMR fix sees EURUSD dip back below the 1.05 handle in recent trade, printing fresh cycle lows in the process.
  • EUR futures volumes surged following the passage of the WMR fix - over 7k contracts traded inside 10 minutes for a cash equivalent of just over $1bln.
  • Both Spain and VW headlines may be assisting the downtick, and further weakness would put the immediate focus on both 1.0484, a Fibonacci projection and the 2023 lows at 1.0448, a key support.
    • "SPAIN'S LOWER HOUSE APPROVES TAX PACKAGE INCLUDING EXTENSION TO BANK WINDFALL TAX" - Reuters
    • "VW LABOR SIDE SAYS WARNING STRIKES AT VW TO START IN DECEMBER" - bbg