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💶 Euro Moving In Line With Risk: Cable FX Macro

  • The dollar, being a positive beta to volatility, is retracing heading into NA session, weakness is seen across the G10, BBDXY is down 0.7% on the day

  • Risk assets have seen a recovery and the euro is closely tracking the rise. You might think this is a bullish euro response to ECB's 75bps hike and a potential move of the same magnitude in October, but the graph below shows the EUR/USD moving along with U.S. equity futures preceding the ECB meeting

  • EUR/USD is now up 0.6% on the day, spot trades above 1.0550 after testing the 1.0100 level


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