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The strengths of the euro and the Swiss franc continued to dominate the markets today. This is despite an increase in the number of cases of coronavirus infection in Europe. Meanwhile, Brexit talks remain stuck. Traders are betting that more global central banks such as the RBA and the Bank of England will soon join the negative interest rate club. At the moment, the weakest of them are the Australian and the Kiwi. Dollar and Sterling are mixed.
Technically, 1.1830 resistance for EUR/USD and 125.08 resistance for EUR/JPY will attract some attention in the American session. The break will pave the way to the highs of 1.2011 and 127.07. The 0.9162 resistance in EUR/GBP is also important, and a break will signal the completion of the pullback from 0.9291 and lead to a retest of this high.
Finally, while the 1.5738 resistance is still a long way off, a break will confirm that the EUR/CAD has completed the corrective pattern from 1.5978. We can see the EUR/CAD then rally to the 1.4991 high to resume the entire rally from 1.4263 later.
Risk Appetite Strengthens the Euro
The single currency strengthened for the third day in a row, boosted by positive market sentiment after major equity markets rebounded from a weak opening in Europe.
In the absence of relevant macroeconomic releases, investors remained fairly optimistic despite the lack of progress in talks to spur the spread of the coronavirus in the United States. With Wall Street growing more than 1%, the safe-haven US dollar is losing ground against riskier currencies.
In Europe, the euro was not embarrassed by the blocking of trade negotiations on Brexit and the spread of the coronavirus: France reported a record number of hospitalizations, and Ireland imposed severe restrictions.
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