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Sep 29 - 07:55 AM

EUR/GBP - CORRECTED-BUZZ-Month-End EUR/GBP Buyer Could Have Larger Than Usual Impact

By Jeremy Boulton  —  Sep 29 - 05:40 AM

Amends fibo to 0.9127 from 0.9158

  • EUR/GBP is usually purchased at month end (UK's contribution to EU)

  • Often widely anticipated and traded but perhaps not this month

  • EUR/GBP slammed 2.8% in past 12 days, possibly due other one-off flows

  • September usually sees conversion of EU subsides for UK farmers

  • Those flows very likely complete or mostly completed

  • EUR/GBP buyer will hit traders who are likely sitting short EUR/GBP

  • 0.9127 is 38.2% recent drop. A move over will serve as a warning




EURGBP Click here

Source:
Refinitiv IFR Research/Market Commentary

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