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Single Currency Spirals as Month-, Quarter-End Boosts Volatility

FOREX
  • The EUR was comfortably the poorest performer in G10 Thursday, with EUR/USD extending the downtrend into month- and quarter-end despite the pullback in the USD Index. EUR/USD cleared 1.16 with conviction, touching the lowest levels since mid-July.
  • GBP saw some very modest reprieve after two consecutive sessions of heavy selling pressure. GBP/USD tested the week's lows of 1.3412 briefly, before recovering off the mat to trade with minor gains following the London fix.
  • In early US trade, USD strength was again the theme, helping the USD Index climb to fresh 2021 highs of 94.503. This faded through the Wall Street open, but the there's little sign yet of any bearish reversal. This keeps upside targets intact at 94.469 (the 38.2% Fib for the 2020 - 2021 downtick) and the late September highs of 94.742.
  • Focus Friday turns to Japan's Tankan survey, US personal income/spending data and Canadian GDP. Fed's Harker & Mester and ECB's Schnabel are due to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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