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Month-end prompts impressive rebound in.......>

FOREX: Month-end prompts impressive rebound in EUR/USD
- The single currency staged an impressive rally against the greenback around
the WMR fix Friday, with most banks' month-end models all indicating a pretty
firm USD selling bias. The moves seemed exacerbated by the continued unwind this
week of EMFX carry trades, which resulted in firm EUR gains against the likes of
ZAR, TRY and BRL. The greenback was hampered by a woeful set of MNI Chicago PMI
numbers, which fell to a four year low, sapping equity markets which fell
- As the Corona count continued to tick higher, with new cases confirmed in the
UK, Italy and elsewhere, risk-off trade was the theme into the close, keeping a
firm bid under CHF and JPY. The gains for haven currencies came, again, at the
expense of AUD and NZD, which remain weak ahead of what's expected to be an RBA
cut next week.
- China's Caixin PMI and January trade balance, US ISM PMI and the nonfarm
payrolls report are the data highlights. Rate decisions are due from the RBA,
Brazil, India and Russia.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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