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EUR/USD nears best levels of the year
The further fall in the dollar versus the European currencies has delivered a push very close to the 1.12 handle today in the EUR/USD. It continued to make progress yesterday and later closed in the US at 1.1180. This morning it has reached a high so far at 1.1199 and hence within a whisker of the 1.1202 high it set back on August 26. Right now it does not seem like it will take much to see it rise above that level, but the question is what will it do, if and when that happens? Well, it would be logical for the dollar to continue to weaken into the end of Q3, which is what it is still doing and the outlook for that cyclical weakness was something that was mentioned a few weeks back. So, further gains in the Euro ahead of the Q3 end next Monday look possible, but of course not guaranteed. The EUR/USD is currently trading at 1.1194
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