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A more broad base bid in USD


Some early pressure on the AUD


Path Of Least Resistance Remains Down

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MNI (London)
EURO-DOLLAR: Risk was well in favour through the European morning and into NY,
driven mainly by positive reports concerning COVID-19 vaccine progress, with
pressure on the USD allowing EUR/USD to break its early stall on approach to
$1.1450 before it extended to an eventual high of $1.1452, aided by strong
results from Goldman Sachs, into the Dow open. Strong reversal at the open
dropped rate back to $1.1410, held steady around $1.1420 through the 1600BST fix
before easing on to $1.1402 into the European close. Risk outlook only seen
dented with some demand noted into the US afternoon though market currently seen
steady as it holds above $1.1400. Expect demand to extend toward the earlier
intraday low of $1.1391, as well as the late hourly lows of $1.1387 seen
Tuesday. Risk continues to be the dominant driving factor, ECB Thursday provides
event risk along with the approaching weekend Extraordinary European Council
Summit with hopes for a EU Recovery Fund breakthrough. 
- Resistance now seen at $1.1452/60, a break to expose the YTD high of
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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