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Next Leg Higher in EUR/USD Depends on E-mini S&P

CROSS ASSET
  • EUR/USD holding just below the Friday/Thursday highs at 1.0785/87 in recent trade - with the pair stalling on the approach to mimic the price action in equities. A further dose of risk-on could put both markets through the best levels of last week, although weakness in oil markets could be limiting any breakout at these levels.
  • A break higher for the e-mini S&P would mark fresh contract highs, putting the continuation contract in range of Aug'22 high at 4327.50 and the best levels in over a year.
  • An uptick in activity since the European open has helped put EUR/USD futures volumes inline with recent averages despite a quieter start to the day - although participation could fade through the day, with no data releases or speakers to distract ahead of the Fed rate decision on Wednesday.

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