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Georgia Looking Blue, Edges EUR/USD to Fresh Highs

EUR
MNI (London)
  • Democrats look to have won one of the Senate seats up for election in Georgia with market now focussing attention on the remaining one, which if goes Democrat blue as well would leave the Senate split 50-50 which would then have VP Harris as having the deciding vote.
  • USD under fresh pressure, chance for increased taxation on a Democrat win being set aside on likelihood for increased fiscal stimulus.
  • EUR/USD extends recovery through its earlier high of $1.2325 to $1.2334 and holds firm at writing. Minor technical target seen at $1.2350, 1.618% swing of the recent $1.2309-1.2242 pullback ahead of next tech target at $1.2372, 1.618% swing $1.2310-1.2209.
  • Traders remain aware that the $1.2300 holds the strike for E1.1bln of maturing EUR put options for today's NY cut, Monday so far holding E3.bln of EUR puts rolling off between $1.2295-1.2300, with a further E1.1bln of EUR puts expiring at $1.2310-15 at same cut.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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