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Markets await fresh lockdown measures in Europe as the dollar goes bid

Markets await fresh lockdown measures in Europe as the dollar goes bid

After climbing for four days on the bounce, the pound is struggling to hold its recent highs this morning as the market’s appetite for risk starts to unwind. The announcements that major economies will continue to tighten lockdown measures, albeit in a localised manner for now, continues to weigh on risk appetite as downside risks to the global economic recovery start to materialise.

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Counting the cost of the ongoing second wave of Covid-19

Counting the cost of the ongoing second wave of Covid-19

It’s been an indecisive week for G10 FX, with the major pairs remaining within recent trading ranges as hopes for US fiscal stimulus faded and several regions continued to report worsening Covid-19 pandemics. Sterling will be in focus next week, with plenty of MPC member speeches and labour market data scheduled ahead of Thursday’s potentially fateful EU summit.

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Lagarde takes stage at IMF event after a weekend of ECB stimulus talks

Lagarde takes stage at IMF event after a weekend of ECB stimulus talks

The euro is trading slightly softer this morning against the majority of the G10 basket after rallying to a two-week high against the US dollar during Friday’s late session. With today being a light day on the eurozone data front, all focus turns to the various ECB speeches throughout the day, with ECB President Christine Lagarde speaking at IMF at 12:00 BST.

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Loonie enjoys employment gains to extend rally

Loonie enjoys employment gains to extend rally

In September, Canada’s economy added 378,200 jobs compared with 245,800 in August, bringing the unemployment rate down from 10.2% to 9.0%. Much of the gains were a by-product of loosening containment policies in Canada as the survey was conducted between the 13th and 19th of September. However, this isn’t to last.

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Czech data may spur short-lived optimism as virus risks loom

Czech data may spur short-lived optimism as virus risks loom

From August to September, CZK had weakened over 4.5% against the euro, while the Polish zloty fell by almost 5% against the euro and the Hungarian forint even saw a 6.5% decrease vs the euro. However, since yesterday the Czech Republic has become the EU’s worst hotspot with the most cases per capita over the last two weeks.

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Euro sits in range while markets await ECB minutes

Euro sits in range while markets await ECB minutes

Pressure on the euro rises as the eurozone continues to struggle with accelerating new daily infections, which is shown by the euro’s limited spot return against the US dollar compared to other G10 currencies. France will impose more restrictions today after the seven-day rolling average reached a record, while Spain also reported a record of 5,075 cases yesterday.

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Trump’s hospital exit gives risk appetite a boost

Trump’s hospital exit gives risk appetite a boost

The dollar has remained well on the back foot this morning after Donald Trump was discharged from hospital following admission for Covid-19. House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin spoke on the phone yesterday for about one hour, discussing potential further fiscal stimulus.

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Meet the team

Ranko Berich

Ranko Berich

Head of Market Analysis

Ranko Berich heads up the team of analysts at Monex Canada and Monex Europe. The analysis team provide timely insight and commentary on developments in currency movements and their drivers.
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Simon Harvey

Simon Harvey

FX Market Analyst

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Olivia.Alvarez

Olivia Alvarez

FX Market Analyst

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