EUR/USD broke below the key 1.0800 level. It is risky to pick a bottom, according to economists at ING.Squeezing still in progress.
We must remember that EUR/USD was the biggest G10 long positions entering the US debt-ceiling chaos, and since the latest development turned out to be positive for the Dollar, we are probably seeing a substantial long-squeeze in the pair.”
“There is considerable room for a hawkish repricing in Fed rate expectations, so it’s risky to pick a bottom in EUR/USD. The next real support level will probably be at 1.0700.”
EUR/USD rebounds toward 1.0800 as US Dollar corrects ahead of Powell
EUR/USD is recovering ground toward 1.0800 in the European morning. The US Dollar is correcting across the board, despite a cautious market environment. All eyes remain on ECB-speak and Fed’s Powell.
EUR/USD News
GBP/USD regains 1.2400 amid renewed USD weakness, Powell eyed
GBP/USD is rising back above 1.2400, having displayed exhaustion in the downside momentum. The Cable is making efforts for recovery, as the US Dollar is correcting lower in tandem with the US Treasury bond yields. Powell’s speech awaited.
GBP/USD News
Gold attempts recovery toward $1,970 as USD turns lower ahead of Fed speech
Gold price is seeing a recovery move after gauging support below $1,960 as the US Dollar index is losing upside momentum. Investors are expecting neutral policy guidance from Fed’s Powell. The end-of-the-week flows are also likely to affect the Gold price action.
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