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CAC hits session lows as EUR/USD tests 1.0700
Following an earlier update here this morning, noting how the EUR/USD was still rangebound inside 1.0666 and 1.0700. Well, the EUR/USD has lifted from a low back then at around 1.0680 and just now tested the 1.0700 handle. At the same time the European equity markets are coming under further pressure. The DAX has just now traded to below 18,150 and the CAC 40 has just hit a session low close to 7,675. So far that 1.0700 handle has capped the topside again for the Euro and it remains to be seen, if there will be any extension, if that price level is surpassed. The continuing uncertainty over the outcome of the French election is as much a headwind for the EUR/USD, as it is for the CAC and the trend of investors selling into any CAC 40 rallies continues to look in place again today
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