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USD Remains Under Pressure on Election Jitters

EURO-DOLLAR
MNI (London)

Morning attempt for a USD recovery, EUR/USD pressed to a low of $1.1731 on the back of disappointing Germany GDP fizzled out in early NY. US GDP and Weekly Jobless claims provided no major surprises, Q2 GDP the worst quarter of growth on record though came in slightly above expectations, whilst analysts see some hope in the jobless claims details. However, the USD was given a knock lower by a US Trump tweet suggesting the November election could be delayed on safety concerns (some suggest this was done to deflect away from the economic performance data). EUR/USD spiked to $1.1810, posting a fresh YTD high, then eased to $1.1775 through the fix. Decent demand for EUR/GBP and EUR/AUD at the fix then provided the next upside boost, triggered stops through $1.1810/15 high took rate on to $1.1827, the rate retaining its underlying buoyant tone at writing. Technical resistance seen to $1.1835, a break to expose $1.1850. Support at $1.1780/70, $1.1730 ahead of $1.1710/00.

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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