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FOREX SUMMARY

FOREX
EURUSD pare gains following ECB Lagarde on Negative rates.
  • "Based on our experience, negative rates are an effective tool for providing monetary accommodation. It provides additional stimulus to the euro area economy.
  • Negative rates in the euro area are passed on to Corporates in many cases. As far as households are concerned, it is 5% of deposits that have negative rates imposed.
  • It is higher than that in Germany. I appreciate that people who are saving are not satisfied with being charged negative rates. But we have to look at the whole economy.
  • Negative rates supporting the economy"
  • EURUSD drifts towards 1.2000 at the time of typing
  • Most notable price action has been in the Pound today, as Cable mean reversed, after falling to break above the 1.400 handle multiple times of late.
  • Desks saw the Monday's spike as overdone, Cable is now at 1.3832.
  • Market participants squared on shorter term profit taking.
  • USD leads gains against the Pound and Kiwi in G10, up 0.62% at the time of typing in both crosses.
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