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The Pound Sterling (GBP) is weak, down 0.5% against the US Dollar (USD) and a mid-performer among the G10 in an environment of risk aversion and broad-based USD strength, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

The EURUSD began the US session trading near the lows for the day, hovering just above the low from last week at 1.15414. Sellers made several attempts to push the pair below that level, but each effort failed to generate sustained downside momentum. Once the price started to trade more comfortably above the top of the nearby swing area at 1.15612, sentiment shifted — sellers turned to buyers, sparking a rebound.

That upside push carried the pair toward the next key swing area between 1.1581 and 1.15959. The critical level within that zone is the falling 100-hour moving average at 1.1592, which also coincides with the 61.8% retracement of the move up from the August 1 low. The overlap of these two technical markers makes this area particularly important.

A break and hold above 1.1592 would likely open the door for further upside momentum, as it would signal a shift in near-term control back to the buyers. Conversely, failure to extend above and a rotation back below 1.1561 would keep the broader downtrend from the September high intact, leaving sellers in control of the technical narrative for now.

This article was written by Greg Michalowski at investinglive.com.

The Euro (EUR) is soft, down a marginal 0.1% against the US Dollar (USD) but outperforming most of the G10 currencies into Tuesday’s NA session.

The Euro (EUR) is soft, down a marginal 0.1% against the US Dollar (USD) but outperforming most of the G10 currencies into Tuesday’s NA session.

The Canadian Dollar (CAD) is softer but holding up somewhat better than many of its G10 peers on the session, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

The Canadian Dollar (CAD) is softer but holding up somewhat better than many of its G10 peers on the session, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

EUR/JPY retreats on Tuesday, trading around 175.80, down 0.20% on the day at the time of writing, but slightly off an intraday low at 175.36.

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Renewed US/China trade tensions Friday following President Trump’s threat of ‘massive tariffs’ in response to China’s ‘hostile’ moves to curb rareearth exports prompted a sharp fall in stocks and ‘Dr Copper’ followed suit amid concerns of more headwinds for global growth, Scotiabank’s Chief FX Strat

• We are meeting-by-meeting and data dependent
• Says she was surprised by resilience of economy
• Economy is more-balanced than what it was
• There has not been tariff retaliation by Europe
• We have both upside and downside risks to inflation
• My hope for US-China trade is certainty
• Chinese exports could be directed to Europe and that will have consequences for growth
• The movement of Chinese goods to Europe has increased but not as much as feared

The euro hasn’t moved on her comments so far and remains up 7 pips on the day to 1.1575. The market only sees a small chance of a further ECB rate cut.

This article was written by Adam Button at investinglive.com.