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EUR/JPY falls back forcing EUR/USD down towards 1.0900
Since the European opening today the EUR/USD has struggled to make any headway. Perhaps the first warning sign was the failure of the Euro to bounce after the much better than expected German factory orders hit the screens. That failure was noted here at the time and since then the EUR/USD has been steadily leaking lower. The driver for this is a deeper drop back now in the European equity markets and further downside across the US futures, as just noted in the previous update looking at the price action on the Nasdaq 100. So, the EUR/USD has just now hit a session low at 1.0914 and it is being dragged back by the EUR/JPY. That is no longer above 160, as it was earlier, it is now dropping back towards 158 and that is undermining the EUR/USD, which is currently trading at 1.0914
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