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FOREX: Haven FX Making Minor Inroads Ahead of Busy Week

FOREX
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  • The greenback is modestly weaker in early Monday trade, helping press the USD Index to a new multi-week low, however conviction remains narrow, with markets seemingly unwilling to wade into markets at these levels. There remains a modest risk-off feel, with CHF and JPY the strongest performers of the day.
  • Equity markets are trading better, with the e-mini S&P in minor positive territory, however prices are yet to make any material reversal of last week's losses.
  • EUR/GBP made a notable break higher last week, with the cross breaking 0.8434 a potential reversal point and another indication of the strength of longer-term range-defining support at ~0.8300. Last week's strength will be tested by rates markets in the very near-term - as conviction for persistent sequential ECB cuts runs against a more contained BoE easing cycle in light of last week's Budget. But further progress in the cross exposes 0.8464 - the next major resistance.
  • Factory orders numbers come alongside the final durable goods orders print for September later today, but market moves are likely to be contained as markets look ahead to not only the particularly consequential US election results, but the Fed and BoE decisions also. Speakers due Monday include ECB's Holzmann and Nagel - although neither of which are expected to result in major moves for rates. 
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  • The greenback is modestly weaker in early Monday trade, helping press the USD Index to a new multi-week low, however conviction remains narrow, with markets seemingly unwilling to wade into markets at these levels. There remains a modest risk-off feel, with CHF and JPY the strongest performers of the day.
  • Equity markets are trading better, with the e-mini S&P in minor positive territory, however prices are yet to make any material reversal of last week's losses.
  • EUR/GBP made a notable break higher last week, with the cross breaking 0.8434 a potential reversal point and another indication of the strength of longer-term range-defining support at ~0.8300. Last week's strength will be tested by rates markets in the very near-term - as conviction for persistent sequential ECB cuts runs against a more contained BoE easing cycle in light of last week's Budget. But further progress in the cross exposes 0.8464 - the next major resistance.
  • Factory orders numbers come alongside the final durable goods orders print for September later today, but market moves are likely to be contained as markets look ahead to not only the particularly consequential US election results, but the Fed and BoE decisions also. Speakers due Monday include ECB's Holzmann and Nagel - although neither of which are expected to result in major moves for rates.