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Key risk events today: Australia Monetary Policy Meeting Minutes; BOJ Gov Kuroda Speaks; China CPI y/y; BoE Gov. Carney Speaks; UK Average Earnings Index 3m/y; UK Claimant Count Change; UK Unemployment Rate; German ZEW Economic Sentiment; MPC Member Vlieghe Speaks; FOMC Members George and Bullard Speak. EUR/USD: Europe’s single currency concluded Monday rangebound vs. an … Continue reading Tuesday 15th October: US, Canada and Japan set to return after long weekend.

EUR/USD bulls remained on the offensive last week, extending the prior week’s recovery ahead of the 2016 yearly opening level at 1.0873, a reasonably notable support/resistance.

Europe’s shared currency, a beneficiary of dollar softness, clocked a weekly peak at 1.1033 Thursday before mildly paring gains into the close. The dollar index, or DXY, also overthrew 99.00 to the downside in recent movement, having shrugged off mixed US data in the form of CPI and weekly initial claims.

A spike in sterling to a session high of 1.2291 materialised amid London hours Wednesday, on the back of a time limited backstop rumour. The headline, however, was later denied by EU officials, also considered non-viable by DUP representatives.

The US dollar index, or ‘DXY’, toppled its 99.00 threshold despite noticeably weaker-than-consensus US PPI data. Leaving 1.10 unchallenged, the H4 candles found resistance off September’s opening level at 1.0989, guiding the EUR/USD to a session low of 1.0940 on the day.