EUR/USD: At risk of falling further below the critical 1.1885
Updated
EUR/USD is ending the week in the low 1.1900s, down more than 1.3% on the week.
That means the pair is set for its worst week since October 2020.
Further increases to the euros interest rate disadvantage ensured the single currency struggled against its peers.
EUR/USD has been going sideways over the past few hours in the low 1.1900s. After coming under strong selling pressure in wake of remarks by the Chairman of the Federal Reserve Jerome Powell on Thursday and losing its grip on the 1.2000 handle, the pair saw fresh selling during Friday’s Asia Pacific session, during which time its lost its grip on the 1.1950 handle. A strong US NFP report then sent EUR/USD very briefly under the 1.1900 handle, though this level was well defended.
On the day, EUR/USD trades about 0.4% or about 50 pips lower. That means the pair is set to close the week with losses of about 1.3%, its worst week since the final week of October 2020. That places the euro third from bottom in this week’s G10 FX performance table, with only JPY (down 1.7% versus USD) and CHF (down 2.3% versus USD) performing worse.
That means the pair is set for its worst week since October 2020.
Further increases to the euros interest rate disadvantage ensured the single currency struggled against its peers.
EUR/USD has been going sideways over the past few hours in the low 1.1900s. After coming under strong selling pressure in wake of remarks by the Chairman of the Federal Reserve Jerome Powell on Thursday and losing its grip on the 1.2000 handle, the pair saw fresh selling during Friday’s Asia Pacific session, during which time its lost its grip on the 1.1950 handle. A strong US NFP report then sent EUR/USD very briefly under the 1.1900 handle, though this level was well defended.
On the day, EUR/USD trades about 0.4% or about 50 pips lower. That means the pair is set to close the week with losses of about 1.3%, its worst week since the final week of October 2020. That places the euro third from bottom in this week’s G10 FX performance table, with only JPY (down 1.7% versus USD) and CHF (down 2.3% versus USD) performing worse.
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