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Sino-US Trade Comments Lifts Risk

MNI (London)

Recovery off Friday's low of $1.1754 extended to $1.1850 into early NY Monday before momentum faded and the USD pared losses through the balance of the session. Earlier positive risk outlook on the back of vaccine news was further supported by news that the Pfizer vaccine likely to be ready by Oct(which if proves true comes ahead of the US presidential election and likely provides support for US Trump).Rate dropped to $1.1793 through the 1600BST fix, extending the move to $1.1784 in post fix trade, closing the day at $1.1788. Positive soundbites on Sino-US trade relations provided a boost for risk and lifted EUR/USD to $1.1815, easing below $1.1810 into Europe. Germany final Q2 GDP at 0700BST provides early focus, though not usually a amarket mover. More interest in the 0900BST release of Germany Ifo data.
Support $1.1785/80, $1.1750. Resistance $1.1815, $1.1850.

MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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