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Feb 04 - 02:36 PM

EUR/USD - COMMENT-US Recap: Risk Rebound Leaves EUR/USD Out In The Cold

By Christopher Romano  —  Feb 04 - 01:10 PM

EUR/USD fell further as risk markets extended their rebound from the previous session as stimulus measures from China helped reduce some fears about the economic effects of the coronavirus.
Global equity markets, global bond yields oil and copper rallied, emerging market currencies gained versus the dollar and the Chinese yuan strengthened beyond 6.9900 against the U.S. currency. EUR/USD suffered further erosion of the rally from January’s low.
Big U.S. equity market gains and the big rally in UST yields, which widened German-U.S.
yield spreads, helped drive EUR/USD below 1.1040.
USD/JPY climbed above 109.40 on the back of higher U.S yields and risk-on trading as recent virus-related haven flows unwound.
AUD/USD reversed direction after setting a 4-month low in Asia trade.
Flows out of safe havens and into high-beta and emerging market currencies, along with gains in copper and oil, helped propel AUD/USD towards 0.6740.
GBP/USD’s break below 2020’s low and support at 1.2955, to new low at 1.2942, was short lived.
Upbeat risk sentiment and PMI beat trumped lingering Brexit fears, leading to yen sales which rocketed GBP/JPY above 142.50 after the pair traded below 141.00 in Asia trade.
EUR/GBP’s turn down below 0.8470 after trading at 0.8535 in overnight trade helped lift GBP/USD

Refinitiv IFR Research/Market Commentary


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