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US data today is weak and yields are lower so why is the EUR/USD not higher?
If you are wondering why the EUR/USD has not yet been able to rise back above 1.0800 to any degree this afternoon, then there might be a good reason for that. Granted, the EUR/USD has come off an earlier low at 1.0773 and just now had a very brief look above that 1.08 handle. In fact 1.0801 was the just just now. However, and given that stocks are rising here in Europe and about to do the same shortly when the US reopens, coupled with lower US yields now, the EUR/USD ought to be higher. The slump in oil prices today should be helping it too. Well, it is not exactly charging higher is it? One reason for this could like with a large option expiry (set for 3pm GMT) at 1.0800 and that could explain the rejection of the level on a sustained basis so far this afternoon. It is just rising a bit now though
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