After dropping nearly 300 PIPS at the start of Europe trading, the EURUSD is consolidating its losses. A number of factors contributed to the fast EUR drop vs. the USD (which firmed up across the board during this move).
" The EUR was impacted by a report in the Daily Telegraph that Milan was considering legal action against a group of lenders who were helping it manage €1.7B of bonds. Italian authorities could be sitting on as much as €35B of liabilities relating to bonds they took out in the 1990s. The Euro also affected by chatter circulating of a fix-related demand for GBP from a UK clearer as a factor in the lower EUR.GBP cross. Also report from a top tier investment bank reportedly advocated going short EUR versus an equally weighted basket of GBP, NOK and SEK || A growing appetite in risk helping to weaken both JPY and CHF against the major pairs." Trade The News
- Real Time Charts
- Forex Charts
- Futures Charts
- Stocks Charts
- Indices Charts
Add a Comment
Successfully Reported
Thank you. This comment has been flagged for a moderator.