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Euro returned to growth on recovery of demand for risks

On Tuesday morning, purchases of risky assets again dominated the markets. The MSCI Asia Pacific excluding Japan jumped 1.6%, the Nikkei225 climbed 1.5%. In the world press, this growth is associated with the market reaction to strong data from China. However, this is a very tight explanation, because the Chinese data was known a day earlier. Then the markets greeted them in a very reserved and contradictory manner. A push up is more like an attempt to start a buying wave after a slight decline. Confident in the outlook for a global economic recovery and impending new stimulus from the US and other countries, investors are buying out risky assets, suggesting prolonged maintenance of ultra-low interest rates combined with accelerating inflation. Interest in risky assets can also be traced in the weakening of the yen against its main competitors. USDJPY climbed above 104 in the morning. However, this rally should be seen as a sign of optimism in the markets, and not as a manifestation of dollar strength, as EURJPY made an even more beautiful reversal. The single currency successfully withstood the onslaught of bears on Monday, remaining above the 50-day average against the dollar and the yen. On EURJPY, buying has intensified on the decline to 125, now bringing the pair back to 125.80. The EURUSD similarly received support on Monday in the decline to the 50-day moving average, hitting an avalanche of buying when it touched the 1.2050 mark and sending the rate above 1.2100 this morning. GBPUSD is also rising from the bottom of the rising channel that formed at the end of September, the markets are finding the strength to hold on to the strong upward impulse that formed at the end of September. The ability to bounce off the 50-day daily average today could be important confirmation that this bullish trend will remain with us for a while, despite signs of an overbought stock market. ________________ Alexander Kuptsikevich, Lead Analyst, FxPro

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