EUR/USD loses the grip further and revisits the 0.9950/45 area.The dollar remains bid and pushes DXY above the 110.00 mark.
EMU Final inflation Rate came at 9.1% YoY in August.The upside bias in the greenback drags EUR/USD to new multi-session lows in the vicinity of 0.9940 at the end of the week.
EUR/USD offered on USD-gains.EUR/USD comes under renewed and quite strong downside pressure following two consecutive daily advances, breaking below the parity level with some conviction and reaching new multi-day lows in the 0.9945/40 band.In the domestic calendar, final Inflation Rate in the euro area came at 9.1% in the year to August, in line with the preliminary prints. On a monthly basis, the CPI rose 0.6% and 4.3% YoY when it comes to the Core CPI.Across the Atlantic, the advanced U-Mich Consumer Sentiment for the month of September will take centre stage later in the NA session.
What to look for around EUR
EUR/USD breaches the parity zone and drops to multi-day lows near 0.9950 following increasing upside momentum in the US dollar.So far, price action around the European currency is expected to closely follow dollar dynamics, geopolitical concerns, fragmentation worries and the Fed-ECB divergence.
On the negatives for the single currency emerge the so far increasing speculation of a potential recession in the region, which looks propped up by dwindling sentiment gauges as well as an incipient slowdown in some fundamental.
EUR/USD levels to watch
So far, the pair is losing 0.43% at 0.9953 and the breakdown of 0.9944 (weekly low September 16) would target 0.9863 (2022 low September 6) en route to 0.9859 (December 2002 low). On the other hand, the initial barrier emerges at 1.0197 (monthly high September 12) followed by 1.0202 (August 17 high) and then 1.0314 (100-day SMA).
GBP/USD extended its slide and touched a fresh multi-decade low below 1.1400 during the European trading hours on Friday. On top of the disappointing Retail Sales data from the UK, the intense flight to safety weighs heavily on the pair ahead of US sentiment data.
EUR/USD rebounds toward 1.0000 as dollar eases ahead of US data
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Gold refreshes multi-year lows below $1,660
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