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Single Currency Volumes Surge on Data, ECB Survey

EUR
  • Healthier EUR volumes noted across G10 FX this morning, with markets playing catch-up after a particularly quiet Monday/Tuesday. EUR futures volumes are circa 15% higher as of 0900 UK time, with the PMI updates and the ECB Consumer Survey helping prop up activity.
  • Better EUR volumes not replicated elsewhere, however, with AUD (33% below), GBP (18% below) and JPY (2% below) all seeing cumulative volumes below average for this time of day.
  • EUR/USD finding support at the 50-dma of 1.0863 at typing, with support at last week’s lows of 1.0835 (Jun 30) remaining intact. Clearance here would be a bearish development and confirm a break of the 50-day EMA, at 1.0858.

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