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As the PCE dusts settles dollar loses traction again-check out the EUR/USD now
The move higher in the EUR/USD today saw it reach a new interim and rebound high at 1.1038, after it took out the previous high at 1.1019, ahead of the important US PCE data release. However, despite being below forecast in terms of the deflator component, the dollar initially snapped some of the losses seen today. That sent the EUR/USD down to 1.1002. To be honest with you though, there was noting in that PCE data to get too excited about the dollar. As already mentioned, maybe it was already priced in at 1.1039? However, what gains the dollar has managed since then are not exactly dynamic and it does not look like it yet has many friends and fresh buyers to lift it much higher ahead of the Christmas break. In fact the EUR/USD is bouncing back again now, currently trading at 1.1023
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