December 4, 2022

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EUR/USD inches up to fresh one-month high as the dollar eases slightly

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EUR/USD moves up to just above 1.1900

EUR/USD D1 30-07
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The pair is up to its highest level since 30 June as buyers are trying to make it five consecutive days of gains now, pushing a little higher with euro area Q2 GDP data more upbeat on the balance of things today.

But the dollar is also losing a bit of ground across the board with GBP/USD now up 0.1% to 1.3975 from around 1.3950 earlier. Meanwhile, USD/CAD is trading back near the lows at 1.2430 from around 1.2440-50 levels at the start of the session.

So far, FX is playing its own game today with equities marked lower still. European indices are down between 0.4% to 0.8% mostly while S&P 500 futures are down 0.7%.

10-year Treasury yields are down 2 bps to 1.25% but so far the risk-off tones haven’t exactly deepened in European morning trade, so that is some comfort for risk trades.

Going back to EUR/USD, the pair sits in a good position to try and push towards the 100-day moving average (red line) next @ 1.1974, should buyers be able to seal a break above the 1.1900 level that is.

There are large expiries resting at the figure level today so that might keep gains in-check before they roll off later. But also, watch out for the fix today with month-end in focus.

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