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EUR/USD lifts above to 1.10 after US PCE price index slips
Following on from the previous update, noting the further falls in the dollar this afternoon, I should add more detail on one main catalyst for the falls. The US Core PCE price index has been revised lower to 2%, from 2.3% and that is what is really moving the markets more than the headline GDP lower revision itself. The EUR/USD has now lifted to a high at 1.1002 and once again we have that noted double top, at 1.1019 and 1.1009 very much on the radar again. A break above 1.1019 from now could deliver some extension in the price action. The USD/JPY busting further below its technical support is merely adding more traction to the EUR/USD right now. It is also adding further gains to the US stock markets as US yields slip on the news. The EUR/USD is just now backing off a li trading at 1.0988
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