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EUR whips around as Italians vote no

Posted on: December 05, 2016

Last week ended with employment numbers in the US and Canada. The US numbers came in right on the screws, while Canada showed a gain compared to expectations of a decline, causing the market to test 1.3250. However a deeper dive into the numbers showed that it was mostly part time jobs that were added while full time jobs declined, causing CAD to weaken off again.

Over the weekend the big news was across the pond, where Italians voted “No” in the constitutional referendum, causing PM Renzi to resign and the EUR to run stops towards a new low of 1.0506 before rebounding back through 1.07. According to Bloomberg there are 1.5 Billion in 1.07 strikes, so look for a grind around that level heading into the New York cut.

Overnight PMIs were mixed, with Japan and China beating expectations while India missed. The US PMI is announced later this morning. Looking ahead, we have the Bank of Canada on Wednesday.

Happy Trading!

  • Friday’s NA Range 1.3256– 1.3317
  • Asia Overnight Range 1.3285 – 1.3356
  • London Overnight Range 1.3288– 1.3335

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