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29 Jul 2019

EUR/USD still targets the 1.1100 area – UOB

FX Strategists at UOB Group noted that only a surpass of 1.1200 could remove some downside pressure in EUR/USD.

Key Quotes

24-hour view: “We expected EUR to trade within Thursday’s 1.1100/1.1187 last Friday. In line with expectation, EUR traded between 1.1110 and 1.1150. Indicators are still mostly ‘flat’ which suggest EUR could continue to trade sideways for now, likely between 1.1105 and 1.1155”.

Next 1-3 weeks: “EUR dropped below 1.1106 and touched a fresh year-to-date low of 1.1100 before rebounding quickly. The price action was not unexpected as we highlighted on Wednesday (24 Jul, spot at 1.1155) that a “fresh year-to-date low would not be surprising”. We also indicated that “what is less clear is whether any weakness below this level is sustainable”. For now, it is too early to tell whether EUR could move and stay below 1.1100 and only a break of the 1.1200 ‘key resistance’ (no change in level from yesterday) would indicate that the current downward pressure has eased. Meanwhile, after yesterday’s hectic price action, EUR could consolidate and trade sideways for a few days. Looking forward, if EUR were to registered a NY closing below 1.1100, it would greatly increase the risk of a break of the next support at 1.1045”.

Jul 29, 2019

GBP Futures: further decline on the cards

Open interest in GBP futures markets posted the largest single day build since July 16 on Friday, up by nearly 7.1K contracts. Volume, instead, droppe
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Jul 29, 2019

FX option expiries for July 29 NY cut

FX option expiries for July 29 NY cut at 10:00 Eastern Time, via DTCC, can be found below. - EUR/USD: EUR amounts 1.1100, 543M 1.1200 766M - GBP/USD:
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