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Greenback Bounce Drags Pair Lower

EURUSD
  • Turnaround in the USD make itself felt across EUR/USD and GBP/USD headed into the NY crossover, with EUR/USD erasing much of the de Guindos' inspired rally. Today's price action so far remains constructive for the pair, however, with today's high signalling potential for an extension higher in the near-term.
  • Worth recalling sizeable option expiries for today's cut clustered around the 1.0900-05 levels, which roll off ahead of Powell/Lagarde's appearance on an IMF panel just after the London close.
  • Solid volumes so far today if futures are anything to go by, with cumulative EUR/USD futures volumes close to twice what you'd expect to see at this time of day.

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