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EUR Rangebound GBP Dips on Month-End EURGBP Buying

EUR Rangebound GBP Dips on Month-End EURGBP Buying

MARKET DEVELOPMENT – EUR Rangebound, GBP Dips on Month-End EURGBP Buying

EUR: The Euro continues to hover around the 1.14 handle with little sign suggesting that the Euro will be on course to break its 1.13-1.15 range in the short term. Month-end EURGBP demand has subsequently, provided a firmer footing for the Euro vs. the greenback. Euro likely to remain somewhat rangebound with sizeable FX option expiries set to magnetise price action. Of note, 1.5bln worth of vanilla options are set at 1.1350, while 1.4bln sit around 1.1400-15. Elsewhere, eyes on ECB President Draghi, however, little new information is likely to be provided.

GBP: Ahead of tomorrow’s meaningful vote, the recent uptrend in the Pound has paused for now, pulling back from its lofty valuations. Eyes will be on the amendments that could be selected by the house speaker which could be pivotal in raising the prospect that a deal can be eventually passed through parliament. Much of today’s action in GBP has centred around EURGBP month-end buying.

CAD: Softer oil prices and a slightly firmer US Dollar have kept Loonie gains at bay, with USDCAD failing to make a break below the 1.32 handle. Eyes are on this week’s FOMC meeting and particularly the balance sheet following Friday’s report from WSJ that the Fed may consider an earlier than expected halt to QT.

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.