London Session - September 30, 2009 5:51 AM

Following an initial move lower EUR/USD has pushed higher during the European session in tune with the better tone of stock markets. A later boost for the EUR came from the results of the ECB’s 1yr tender. News that the IMF has cut is estimates for global write downs on loans and investments by 15% on the back of the economic recovery has been seen as an endorsement of the better economic outlook. Another +1.8% m/m rise in Japanese industrial production in August also supports the better outlook as does the overnight release of better than expected UK consumer confidence data. Full text »