EUR Trading Outlook (10-09-2014)

EUR/USD opened NYC 1.2889, chopped 1.2874/1.2908 for a while with stealth real money offers sating demand out of Europe for a while. A reserve manager came in, started lifting EUR/CAD, sparked some macro buying in EUR/AUD and a general liquidation of short EUR/ commodity bloc currency posis. EUR/GBP and EUR/JPY were also well bid albeit Carney comments re an earlier BoE rate hike than f/c Sterling Briefing stalled the GBP cross. Ahead of the 4.00 PM London fix EUR/USD surged to 1.2919 and after US 10-Yr yields topped out, there was a steady grind higher to 1.2927 NY session highs. EUR/USD closed 1.2926

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