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The Euro’s latest gains have been pushed in the footsteps...

The Euro’s latest gains have been pushed in the footsteps...

The Euro’s latest gains have been pushed in the footsteps of the Yuan and on technical grounds to a degree as Eur/Usd eclipsed DMA resistance just below 1.1800 along with decent option expiries between 1.1790 and the round number on the way to 1.1840 and a minor new m-t-d high vs 1.1831 from October 9. 1.1850 is the obvious next upside objective, as Eur/Jpy eyes 125.00, but the single currency lost some momentum vs Sterling into 0.9150 having taken out similar recent tops ahead of the current October best (0.9162 on the 7th of the month) in wake reports that chief EU Brexit negotiator Barnier will return to London this Thursday. Conversely, the Kiwi continues to underperform, albeit off worst levels near 0.6650 on the back of dovish comments from RBNZ Governor Orr overnight (plenty of room to buy more bonds and will be revealed at next month’s policy meeting on QE plus other tools like the FLP). Moreover, Nzd/Usd awaits further developments following another COVID-19 outbreak in Christchurch and the pair looks technically weak having formed a head and shoulders pattern since the end of July.

All firmer against the Greenback, as the DXY moves around 93.000 having slipped below last Friday’s 93.005 trough, largely due to the stronger Eur advances as the biggest component of the index. The Franc is now targeting 0.9050, Loonie 1.3100 and Pound has rebounded from a test of 1.2900 given renewed hopes that Barnier’s visit later this week can revive flagging, if not forlorn trade deal prospects.

UK COVID stats: Cases +21,331 (prev. +18,804), deaths +241 (prev. +80)



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