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Bearish Correction Still In Play


Bearish Extension

EURO: The EUR has been resilient in the Asia session thus far holding on to
Thursday's gains.
- Friday sees a number of notable EURUSD FX options rolling off at the 10AM NY
cut: $1.2000(E772mln), $1.2120(E1.74bln), $1.2150(E3.35bln),
$1.2200-10(E857mln), $1.2250(E2.98bln), $1.2300(E962mln).
- There is potential for EUR position squaring heading in to the weekend with
the Italian elections and the results from Germany's SPD party vote on the Grand
Coalition both due on Sunday.
- While the recently released Sentix euro break up index sits at record lows as
anti-Euro rhetoric has been surprisingly low key in Italy, EURUSD 1-week option
implied volatility has moved to the highest levels seen since May.
MNI London Bureau | +44 0203-865-3809 |