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Single Currency Slippage Tips EUR/USD Toward First Support

EUR
  • Having started the session on better footing, EUR is extending slippage off overnight highs, with EUR/USD's new daily low well in range of first support at the Monday pullback and cycle low of 1.0724 - clearance below here opens levels last seen in November last year.
  • Pick up in volumes evident on the decline, with more sizeable activity evident in futures on the leg lower from 1.0737 to 1.0726 (cash equivalent of ~$600mln traded on the move). Slippage in spot tilts prices away from the most sizeable option expiries of the day, and well away from the E2.5bln that was set to roll off at 1.08 at today's NY cut.
  • Moves not triggered by the ECB's CES, monpol pricing or that bumper German factory orders, shrugged off due to the presence of sizeable aircraft orders - and unlikely aided by a speech from ECB's de Cos, who confirmed expectations that the next likely move on rates will be a rate cut.
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