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FOREX SUMMARY

FOREX

EUR and USD lower during the European morning session

  • Turnovers in FX have not too surprisingly been on the lower side, as we close out the year.
  • Eurex exchange is closed, while other exchanges will be closing at lunchtime, so little play will be coming from the Govie/rate side.
  • In Asian news as reported by Bloomberg:
  • "China will adjust the weightings of currencies in its currency basket that helps set the yuan's daily reference rate, effective from Jan. 1",
  • Better EUR selling on the margin this morning, with the currency at the low of the session against USD, GBP, JPY, CHF, SEK, NOK, and turning offered versus AUD and CAD..
  • GBP trades on the front foot despite some concerns across assets, on lockdown concerns and vaccination logistics,.
  • Those concerns have favoured safer haven Gilts, while the FTSE has been under small pressure.
  • Looking ahead, US IJC will be the last notable data of the year, as European exchanges closes for the New Year.
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