Intra-Day Market Moving News and Views

Update Time: 06 Oct 2020 05:30GMT

EUR/USD – 1.1787… The single currency went through a volatile session on Monday. The pair found renewed buying at 1.1707 in New Zealand and rose to 1.1735 in Asian morning. Despite retreating to 1.1720 in European morning, price then rallied to a near 2-week high at 1.1797 in New York morning on improved risk sentiment on optimism that U.S. Democrats and Republicans could agree on the new stimulus plan before retreating to 1.1772 on profit-taking. Price then rebounded again to 1.1793 at European open as U.S. President Trump was discharged.

Euro’s resumption of upmove from September’s 8-week trough at 1.1613 to 1.1797 yesterday suggests decline from September’s 2-year peak at 1.2011 has made a temporary bottom and consolidation would be seen before heading to 1.1840/50, however, overbought condition should keep price below 1.1870/71 and yield retreat.
Bids are noted at 1.1775-70 with stops below 1.1745-40 while offers are tipped at 1.1805/10 with move above and stops above 1.1850.

On the data front, Germany will release industrial orders at 06:00 GMT and we have a number of ECB officials due to speak later with focus on President Christine Lagarde’s speech, please refer to our EI page for more details.