09:53, 03 October

Fundamental overview

The Euro has been attempting to stabilise after a continuation of declines in Tuesday trade, that resulted in the single currency dropping back to its lowest levels in 6 weeks. Comments from EU Juncker EU that Italy risked a Greek-style crisis did not sit well with longs, while some more broad demand for the Buck was also seen factoring into the flow. We have since seen some renewed demand on the report out of Corriere Della Sera that Italy will pledge to cut its deficit to 2% of GDP in 2021 when the draft budget is submitted today. Looking at the Wednesday calendar, key standouts come in the form of services PMI out of Germany and the Eurozone, Eurozone retail sales, US ADP employment, US ISM non-manufacturing and some more Fed speak.