Near-term bias for further EUR weakness rises even as Germany’s consumption and ifo reports show improvement. In the view of economists at Citibank, the 1.08-1.10 area may offer more durable medium-term support for EUR/USD.
“EUR/USD has broken below major range support between 1.1180-1.1210 with leveraged accounts seen selling. This adds to the large real money buying of USD and suggests that the improved German Gfk and ifo reports are unlikely to change EUR’s near-term weakness bias.”
“With the Fed hinting at optionality on the timing and extent to which it will quantitatively tighten, while ECB tapering and timing of rate-liftoff now seems pretty much discounted, the 1.08-1.10 area may offer more durable medium-term support for EUR/USD (assuming minimal risk from the French parliamentary elections in June).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.