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Mar 17 - 08:36 AM

EUR/USD - USD Funding Stress, Key EUR/USD Support Breaks, But No Panic Yet

By Richard Pace  —  Mar 17 - 07:15 AM
  • USD funding stresses clearly apparent in swaps/basis spreads nL1N2BA086

  • USD demand across FX - EUR/USD breaks big support 1.1051 - Mon's low

  • 1.1051 was also 61.8% Fibo retrace of recent 1.0778-1.1495 recovery

  • 2 Mar 1.1010 low support before 1.0951 (28 Feb), 1.0947 is 76.4% Fibo

  • Some demand for options with 1.1000-1.0900 strikes, but not much below yet

  • Risk reversals have retraced recent EUR call over put volatility premium

  • However, they are yet to trade with a premium for EUR puts (spot downside)

  • Related nL1N2BA06C


EUR=EBS: Click here

EURUSD risk reversals: Click here

Source:
Refinitiv IFR Research/Market Commentary

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