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EUR/USD


Guest Prabath

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Guest Prabath

There was a news 10th Aug about CPI/Core CPI due that had a strong sell trend for EUR/USD. What can expect on the 01st day of marker opening, 13th August?

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Hi @Prabath, perhaps you could start us off by telling us what you think will happen on Monday open?

The CPI data came in more or less as forecast so need to look further for the cause of the eurusd breaking major support and US dollar basket (dxy) breaking major resistance.

The two big stories of the day were the euro banks very large exposure to a Turk default on currency loans and the deepening trade tariff tiff between China and the US.

 

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eurusd  relatively resent floor (Dec 2016-Jan 2017) was 1.04,  it certainly has a way to go, fuelled by a sell off of other assets. The counterweight to that are the rumors of ditching usd for payments by some countries due to sanctions (plus signs  like russia off-loaded its $90b UST stash this year), so it works both ways.

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