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EUR/USD eventually slips back
Well, it seems hard to imagine, but the lack of any negative reaction in the EUR/USD earlier today following the appalling ZEW report was surely testimony to the growing belief the Fed will lower rates by more than 0.25% tomorrow? To be honest with you, there really is no other excuse. Well, it has fallen back now and it seems the better than forecast US sales data was enough to finally force it lower. The rise in the USD/JPY and USD/CAD must have helped too. So, the EUR/USD has now dropped back from an earlier session high at 1.1146, towards the earlier session low at 1.1116. It might trip some stops below that level, but that is not certain at this stage. The rebound in the dollar this afternoon, is also pushing the GBP/USD back for another look at that 1.3200 handle. The EUR/USD is right now trading at 1.1124
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