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FOREX SUMMARY

FOREX

FX took its cue from Risk, Brexit hope and the European PMIs release.

  • The beat in the French, German and EC PMI saw Estoxx and the EUR rally.
  • The push higher in risk spilled over into the USD, and the Greenback saw broad base selling.
  • EURUSD rallied above 1.2200 and the pair is now at its highest since April 2018.
  • EURUSD printed a 1.2212 high, just short of MNI tech next resistance at 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low.
  • GBP is also trading on the front foot, on Brexit hopes, but the risk on tone and USD selling got Cable above the 1.3500 handle.
  • Cable now targets the December high at 1.3539 (managed 1.3521 high this morning), which will also be the highest level since May 2018.
  • Brexit comment this morning; VDL:" Governance issue largely resolved, but still Fisheries and level playing field left"
  • USD trade in the red against all major, besides the CAD, up 0.23%.
  • Looking ahead, US Retail sales and PMI are the notable data.
  • We also get few more speakers including ECB Guindos, de Cos, Schnabel and Weidmann.
  • Nonetheless, ALL EYES are on Brexit, US stimulus and especially the Fed.
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