Article / 21 November 2017 at 12:18 GMT

Mid-session Europe: EUR pressured, equities unfazed by German politics

Saxo Markets
  • EURUSD mostly offered on German political developments. 
  • GBPUSD continues to see the 55-day moving average at a tech resistance.
  • Scandie vol very bid, with spot in a roller-coaster move this morning.
  • European bonds are rising with the UK, France, Italy and Spain 10-yr yields dropping
  • European equities higher as market shrugs off likely German election 
 The prospect of another German election hasn't fazed equities. Photo: Shutterstock
By the Global Sales Trading Team
  • Selloff in Turkish bonds continues as markets lost confidence in Central Bank’s ability to tackle the inflation .
  • European shares edge higher as markets shrug off the prospect of new elections in Germany. Retailers and telecoms, however, underperforming.
  • Crude oil adopted a wait-and-see approach ahead of next week’s important Opec meeting on Nov 30. Brent crude currently being confined to a $61- $63 range.
Please click on the attached PDF for the Saxo Bank Global Sales Team's overview of the mid-session movements seen in forex, equity, FX option, commodity, and bond markets.
Mid-session Europe: November 21
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Mid-session Europe: November 21

helicongrowth helicongrowth
Equities love the German elections, maybe because the ECB bought more OATs and BTPs and compressed sovereign spreads further, then bought more credit and hey - equities went up - again.......$2trn YTD and still buying e60bn a month and more next year
m7010306 m7010306
“Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”


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