The charge higher in the EUR/USD and breakout above 1.0760 on Tuesday delivered a move close to 1.09, as you all know. However, the price action seen since and for most of the day yesterday was one of further consolidation and one where the Euro was not able to build on the recent gains. In fact it has been characterised by a slow downward drift since stalling at recent highs again yesterday afternoon. This looks like further consolidation of the more dynamic move higher, seen the day before. Of course the rebound in US yields since this time yesterday morning has helped the dollar to recover, as we can see in the USD/JPY and that has for now stymied the topside in the EUR/USD. The EUR/USD has traded to a low of 1.0830 earlier today. That said, it is still not even close to testing, what should be support at 1.0760 now. Once again it is the USD/JPY and the EUR/JPY that are the drivers here, but for now, unless the USD/JPY backs down again, the EUR/USD is left with little choice, unless the EUR/JPY can continue to allow it to move beyond 1.09 and towards 1.10. The EUR/USD is currently trading at 1.0835
Dollar drops back as EUR/USD and GBP/USD lift towards session highs
The earlier gains for the US dollar have all now gone, except versus the Yen. The pound and the Euro have continued to rise from earlier lows. The...
The important US number on the radar for the USD/JPY later today
The USD/JPY has now lifted from an earlier session low at 146.68. It is just now rising back above the 147 handle once more and this is clearly linked...
Brent lifts above $79 again on Kremlin comments
A short while ago some comments from the Kremlin on the oil markets emerged on the newswires. Oil prices were already rebounding ahead of these...