Catalan Referendum votes independence and undermines the Euro
I want to acknowledge the sad events in Las Vegas and let’s hope it finally triggers action in the US on gun control. Equally sadly, given the frequency of said events financial markets are somewhat numb to them and consequently the Greenback has been little effected. The Catalan referendum and recent resurgence of the far right in Germany highlights that European politics is still far from stable, and we will likely result in caution from the ECB with regards to monetary tightening. The Euro is currently holding the 1.1712-1.1680 support zone, should this break we expect Euro losses to accelerate more broadly. Both Yellen and Draghi are speaking on Thursday morning (AEST), and the US Non-farm Payrolls on Friday evening could well be the trigger.
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