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Euro on the back foot again as European traders and robots fight amongst themselves

Early moves in European trading have see the euro under pressure 2 Jan

Helped by general USD demand and rising equity markets and hence less demand for the funding-ccy euro we've seen EURUSD knocked through 1.0500 and triggering stop-loss orders to quickly post 1.0480.

That's sent EURGBP below 0.8500 again but dip-demand once again expected.

EURUSD has more support nearby into 1.0460 but we'll expect offers/res back around 1.0500 too now that we've broken back down through after last week's flash spike.

GBPUSD finding support into 1.2320 helped by the EURGBP supply while USDJPY and USDCHF both underpinned at 117.40 and 1.0218

DAX now up +0.9 at highest levels since Aug 2015 after opening in negative territory. CAC40 at highest levels since Dec 2015 and FTMIB at highs not seen since Jan 2016

Another reminder that London desks are closed today as are those in US/Canada so we still have thin liquidity conditions prevailing.

I have to hear out now but I think Ryan will be along to cover a couple of hours. In any case we'll be back to normal tomorrow.

Play nicely out there.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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