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Single Currency Hits New 2021 Lows

FOREX

EUR weakness extended further Tuesday, resulting in EUR/USD hitting new 2021 lows of 1.2013. The pair's pullback accelerated on the break of the Jan 18 low, opening a move toward the 1.20 handle and the 100-dma below at 1.1962. EUR/USD's decline mirrored the uptick in the USD index, which similarly hit the year's best levels and helped support the fifth consecutive session of gains for USD/JPY.

Elsewhere, currency markets were more orderly, with muted price action in spot markets reflected in a pullback for front-end implied vols.

CAD, USD were the strongest in G10, with AUD, NOK and EUR the poorest performers.

China's Caixin PMI data, Eurozone final PMI numbers, Eurozone CPI and ISM Services & ADP Employment Change data from the US are the focus Wednesday. Speakers include RBA's Lowe and Kashkari, Bullard, Harker, Mester and Evans of the Fed.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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