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The Yen remains broadly stable in the Asian session as US markets steadily avoid risks. Concerns over the development of a coronavirus vaccine have been a major factor influencing mood.
The dollar is softening, digesting yesterday’s gains, but overall remains firm. The Sterling continues to trade as the weakest and the sell-off continues on concerns over no-deal Brexit. Now attention will be drawn to the euro, which looks rather vulnerable against the dollar and yen. Traders may not want to wait for the ECB meeting later in the week to trigger a sell-off.
Bloomberg said some ECB policymakers have become more confident in their forecasts for the region’s economic recovery, potentially reducing the need for additional monetary stimulus this year, according to sources familiar with the matter. EUR/USD jumped to 1.1820 from a new multi-week low of 1.1752.
Market Reaction
Geopolitics is back in the spotlight as the coronavirus risks appearing and disappearing from the front pages. Markets this week have largely reacted to tensions between the US and China and the Brexit uncertainty that has put pressure on European markets.
The current hardliner Prime Minister Boris Johnson, who has threatened to pull out of the talks if the deal is not concluded by October 15, has caused a lot of uncertainty in the markets, weighing on the pound. In response, the EU said it would “do everything in its power to reach an agreement” with the UK, but would “be prepared” for a rejection scenario.
The exchange follows #10, indicating that it will introduce new legislation on customs regulations in Northern Ireland if negotiations fail. It also sparked fears in Brussels that the UK will not honor the withdrawal agreement signed before leaving the bloc in January.
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