Free Trial

EUR/USD last trades at $1.1407, 15......>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD last trades at $1.1407, 15 pips or so higher, after falling
~80 pips in yesterday's dealing. 
- The rate dropped on Wed on the back of poor EZ PMI figures. Meanwhile, Italy
fuelled political uncertainty, as its gov't continues on the collision course
with Brussels over its national budget plans, with Finance Minister Tria noting
that high BTP/Bund yield spread will soon hit the country's weakest banks, while
Salvini continued to point towards no movement re: the draft budget. 
- Broader USD demand was largely evident in the face of risk off flows, which
also weighed. 
- Bears will seek a break below the Wednesday's low at $1.1379 before targeting
the next key support at Aug 15 low at $1.1301. Bulls need to close back above
$1.1448 to reverse the downward momentum and open up a challenge the Oct 23 high
at $1.1493. 
- Points of note this week include the ECB MonPol decision & German IFO figures
due today, as well as Italy sovereign debt rating assessment from S&P due
Friday. Elsewhere, ECB President Draghi will speak on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.