EMISSIONS: EU Parliament Rapporteur Rejects 2040 Climate Target Proposal

EUR edges to the best levels of the day into the NY crossover, with a sizeable upturn in EUR futures volumes at 1107BST/0607ET the likely driver. No notable newsflow or headlines crossing to trigger the move, and cross-market prices also relatively subdued.

• Just shy of $200mln notional traded on the initial EUR rally - helping push EUR/USD spot now through the 1.1600 handle for a new weekly high. Break of resistance into the post-NFP high at 1.1597 also helping here - and spot now within range of a sizeable option expiry (€1.1bln) rolling off at 1.1600 today.
• This tips EUR/JPY to new daily highs - but progress above 171.85 is needed before the late July highs can come into play.

You are invited to listen to a Livestreamed MNI Connect Video Conference with Luis de Guindos, the Vice-President of the European Central Bank.

Details below:

• Speaker: Luis de Guindos, Vice-President of the European Central Bank
• Topic of discussion: 'Euro Area Growth and Inflation Outlook.'
• Date: Thursday 18 September, 9am-10:30am London time
• This event is on the record and will run as a Zoom Webinar

To register please go to: MNI Webcast Registration