FX Daily Wrap: renewed Eur weakness, but Aud reprieved
Another wave of selling finally saw Eur/Usd fill downside stops around the 1.1720 level, but bids at 1.1700 remain untouched for now (as does a decent option expiry at the strike).
Struggling to keep tabs with 94.000 despite a modest upside US data beat (October existing home sales), on broad-based Usd selling ahead of Thanksgiving.
Maintaining recovery momentum after less dovish remarks from RBA Governor Lowe (vs minutes from the latest policy meeting out overnight), but unable to really attack 0.7600 with chart resistance at 0.7605 and layered offers from 0.7580-0.7600 weighing.
Another decent G10 performer vs the Greenback overall, with a marked Loonie recovery to the 1.2750 area from 1.2830+ at one stage (after stops and resistance tripping at 1.2820) amidst a rally in oil prices and perhaps more poignantly drawn by a big option expiry at the strike (in 1.5bn).
Eur/Sek bulls hit the 10.000 marker, but quickly booked profits and the Krona also derived some comfort from Riksbank comments (Af Jochnick not unduly concerned about declining property prices or recent Sek depreciation, which is deemed transitory).
21 Nov 2017 - 15:34- Forex- Source: ransquawk
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