Trade ideas thread - European session 24 January 2020

Author: Justin Low | Category: News

Daily thread to exchange ideas and to share your thoughts

Good day, everyone! Hope you're all doing well as we get things going in the European morning session today. Major currencies are more quiet for the moment as markets are keeping steady in general despite some concerns over the new coronavirus outbreak.

The kiwi got a bit of a nudge higher after better NZ CPI data earlier but has consolidated around 0.6610-20 against the dollar since then. The euro is also keeping mildly weaker after a nudge lower in overnight trading.

ECB president Lagarde delivered on her owl persona and successfully brought EUR/USD 1-month implied volatility to a record low during her press conference.

Those hoping for a more hawkish tilt were disappointed and we're seeing the currency keeping a little lower ahead of euro area PMI data later today.

Looking ahead, the euro and pound will be in focus as we will be getting January flash PMI data in the coming hours.

But as the weekend approaches, markets will probably be trying to find some risk direction before digesting what this new coronavirus outbreak has in store for the world over the short-term and the long-term.

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