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EUR/USD Whipsaws as Germany Mulls U-Turn on Fiscal Stimulus - US Market Open

EUR/USD Whipsaws as Germany Mulls U-Turn on Fiscal Stimulus - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – EUR/USD Recovers as Germany Mulls U-Turn on Fiscal Stimulus

DailyFX 2019 FX Trading Forecasts

AUD: Once again, another stronger than expected Yuan fix by the PBoC has helped stabilise markets with the Aussie the notable outperformer. Alongside this, better than expected Chinese trade data has also underpinned the currency, which hovers around intra-day highs against the greenback.

  • Chinese Trade balance $45bln vs. Exp. $40bln.

EUR: Renewed tensions with Italy’s ruling coalition has taken the recent shine off the Euro. Italian 10yr BTP yields have jumped over 14bps with the Bund-BTP spread wider by 10bps as risks are rising for a potential snap election in Italy. Alongside this, given the tensions, the League party has stated that the only alternative to the current government is new elections. Latest opinion polling in Italy: League party (38%), PD (22%), 5 Star Party (17%).

However, at the time of writing the Euro has made a sharp retracement from its earlier losses following reports that Germany could make a U-turn on its fiscal stance by potentially issuing new debt to finance a climate protection package. Subsequently, EURGBP has continued to edge higher, hitting its highest level since August 2017

EUR/USD Whipsaws as Germany Mulls U-Turn on Fiscal Stimulus - US Market Open

Source: DailyFX, Thomson Reuters

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EUR/USD Whipsaws as Germany Mulls U-Turn on Fiscal Stimulus - US Market Open

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WHAT’S DRIVING MARKETS TODAY

  1. DAX 30 & CAC 40 Technical Outlook: Only in Bounce Mode for Now” by Paul Robinson, Currency Strategist
  2. EUR/USD Price Outlook Muted, ECB Bulletin Points to Global Uncertainties” by Nick Cawley, Market Analyst
  3. Gold Prices Eyes Topside Target, Silver Prices Slightly Outperforming Gold” byJustin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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