We kick off September with a mixed tone. Most EU indices have been trading sideways for most of the session (except for the FTSE, which made a new all-time rel low vs the SXXE earlier) and vols have been better across the board (+40% vs 20d AVAT). Positive comments over Germany’s economic recovery are helping the DAX to outperform its peers and the trend is probably set to stay for another month. Spain actually not great (made a new all time low vs SXXE as well) and has been trading below 7000 for most of the session. In currencies, the Dollar one of the few in the spotlight today after the DXY made new 2 year low (currently below 92). We are watching the EUR (resistance at 1.20 although March low of 1.215 is more important) and Sterling (resistance at 1.35).
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.