Economists at Rabobank see scope for further USD gains vs. the EUR and note that the EUR/USD pair could slide below the 0.95 level.Concerns over growth to underpin the greenback.“Since the USD is a safe haven, concerns that the US could tip into recession next year are set to be USD supportive.”
“The USD is set to remain firm until the Fed are content that US inflation is falling and that inflation expectations are well anchored. That is likely to be some months away.”
“We remain USD bulls. We are targeting EUR/USD 0.9500 but see risk of break below this level.”
EUR/USD advances beyond 0.9600 amid renewed dollar weakness
EUR/USD has gathered bullish momentum and advanced to a fresh daily high above 0.9600 in the early American session on Wednesday. The renewed selling pressure surrounding the greenback amid improving market mood seems to be fueling the pair’s rebound.
EUR/USD News
GBP/USD extends recovery toward 1.0700 in volatile session
Following an initial spike to 1.0850 on BoE’s intervention in gilt markets, GBP/USD lost nearly 300 pips. With the dollar losing its strength after Wall Street’s opening bell, however, the pair rose toward 1.0700 and erased a large portion of its daily losses.
GBP/USD News
Gold rebounds above $1,650 as US yields retreat
Gold gathered bullish momentum and recovered above $1,650 from the multi-year-low it touched at $1,615. The benchmark 10-year US Treasury bond yield is down over 2% on the day following the BoE’s intervention in the gilt market, helping XAU/USD stretch higher.
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