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FOREX: Broad Based Euro Weakness Extends Post ECB Decision

FOREX
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  • The Euro has remained on the backfoot in the aftermath of the ECB decision, and although the stronger US data had assisted EURUSD lower, there has been broad based weakness for the single currency.
    • EURUSD (0.30%) is extending the move below initial support and narrowing the gap to 1.0800 and 1.0778, the Aug 1 low, and next key support.
    • EURGBP (-0.40%) matched the week’s low at 0.8325 and currently sits just 20 pips above key support at 0.8311, the lowest level for the cross since April 2022.
    • EURAUD is a standout underperformer on the session following the stronger-than-expected Australian employment data, declining 0.70% on the day. The cross has now slipped below 1.6200 and markets will remain focused on the key medium-term inflection point at 1.6000.
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  • The Euro has remained on the backfoot in the aftermath of the ECB decision, and although the stronger US data had assisted EURUSD lower, there has been broad based weakness for the single currency.
    • EURUSD (0.30%) is extending the move below initial support and narrowing the gap to 1.0800 and 1.0778, the Aug 1 low, and next key support.
    • EURGBP (-0.40%) matched the week’s low at 0.8325 and currently sits just 20 pips above key support at 0.8311, the lowest level for the cross since April 2022.
    • EURAUD is a standout underperformer on the session following the stronger-than-expected Australian employment data, declining 0.70% on the day. The cross has now slipped below 1.6200 and markets will remain focused on the key medium-term inflection point at 1.6000.