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Lockdown Spectres Loom, EUR/CHF Makes Clean Break Lower

FOREX
  • The single currency trades markedly weaker against most others in G10, with the looming spectre of lockdowns weighing heavily on sentiment. Austria have become the first European nation to impose a full three-week lockdown for both the vaccinated and unvaccinated, with markets speculating that other countries could follow. The German health minister stated that Germany cannot rule out a lockdown this winter, further unsettling markets.
  • EUR/USD was sold down to fresh session lows of 1.1283, but stopped short of a test on the YTD lows at 1.1264. The more major move was seen in EUR/CHF, which has now made a clean break of the 1.05 handle - again trading at the lowest levels since mid-July 2015.
  • Haven currencies have been the main beneficiaries, with the USD, JPY and CHF among the best performers so far. NOK is the sole currency weaker vs. the EUR, with USD/NOK rallying to new multi-month highs of 8.9265 - last seen at end-August.
  • The data slate is light Friday, with Canadian retail sales the sole release. The central bank schedule is busier, with BoE's Pill, ECB's Weidmann and Fed's Clarida among the highlights.
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