Morning Forex Review

A lot of ups/downs on EUR/USD during the NA session only to end up at or near to closing levels by yesterday mid afternoon as EUR struggled to hold onto rallies throughout the session. EU officials were active on the tape just as the ECB was said to have been active in rates markets. Little on the data front either to provide for much in the way of direction or distraction from the EU narrative.

GBP was on top of table as risk aversion dominated the market sentiment. There was some slippage in UK rates markets with the 10-year benchmark up 7 bps although still managed to outperform Bunds by 1 bps. Quiet data calendar awaits today along with the expectation for GBP to be top of the table on moves to purge risk. 

CAD: Mid-afternoon found USD/CAD at the top of the daily range in sympathy with NA equity reaching towards its daily lows. CAD however continued to outperform AUD and NZD which were particularly hard hit in yesterday afternoon session after AUD/USD broke parity.