Article / 21 November 2017 at 12:18 GMT

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

Saxo Markets
Denmark
  • 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 
 
Merkel
 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
Download document

Mid-session Europe: November 21

2y
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
2y
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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