Intra-Day Market Moving News and Views
Update Time: 18 Sept 2020 05:30GMT
EUR/USD - 1.1844... Despite the single currency's resumption of decline from September's 2-year peak at 1.2011 to a 1-month bottom at 1.1738 in Asia, lack of follow-through selling triggered short-covering and the pair ralled to 1.1811 in Europe. Price continued to ratchet higher in New York session and gained to 1.1861 in Asian morning today before stabilising.
Euro's rally from yesterday's trough at 1.1738 suggests recent decline has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1900/05. Bids are now seen at 1.1820/30 and more below at 1.1800/10 with stops building up below there whilst initial offers are noted at 1.1920/30.
In the absence of major economic data from the EU today, pay attention to comments from ECB Vice-President Luis de Guindos, who is scheduled to speak on the COVID-19 impact on monetary policy in a virtual speech at 09:15GMT.
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