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EUR/USD flirting with 1.08 again
Since an earlier update here noted the rejection of a break below 1.08 in the EUR/USD yesterday, the price has fallen back close to that level once more. It is now testing lows seen yesterday and looks like it could force a break below that handle soon. The pressure is coming from the dollar and not just recent comments from ECB officials, although those seemed to set the ball rolling a little earlier this morning. That is because the stream of ECB officials walking back on monetary tightening is growing and that is weighing on the recent recovery that saw the Euro briefly reclaim the 1.10 handle the other week. The latest news from Moodys and their outlook cut for the Chinese economy is not helping the Euro either just now. It is currently trading at 1.0805
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