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Thread: Euro aims for 1.12, usd loses serious momentum

  1. #1
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    Euro aims for 1.12, usd loses serious momentum

    The greatest story today in the forex market to day was the powerful rally in the euro. The single currency broke above 1.10 and arrived within a few pips of 1.11. Stronger than-expected Eurozone information contributed to the shift but the 1.10 split occurred prior to the first releases. Euro continues to be coasting on the strong likelihood and also Emmanuel Macron's triumph that Angela Merkel is likely to be re-elected in the drop as Chancellor. Regardless of the ECB's dovishness, info is good – German investor confidence rose firmly in the month of May, the Eurozone's trade surplus hit a 3-month large and there were no revisions to the Eurozone's Q1 GDP and French CPI reports. The euro also obtained aid in the German – U.S. produce spread, which moved sharply higher in the previous week. As our colleague Boris Schlossberg described, political risk drove EUR/USD lower in the month of April and now this risk was removed, we're able to see stronger gains in the currency particularly since the CFTC information the other day confirmed speculators turning bullish for the first time since 2014. This means there is space to the upside as well as on a specialized foundation we see no key resistance for EUR/USD until 1.12.

    The U.S. dollar is dropping significant momentum and all it took was a little persistence to see USD/JPY join the marketing. An unforeseen decrease in building permits and housing starts in the month of April induced the original wave of marketing which gained momentum after alternatives expired at 10am NY Time. Although not all this morning's U.S. economic reports were weak because industrial production improved, at some stage the common trend of down-side surprises would be too much for the dollar and after this was the day that the bulls decided to liquidate. USD/JPY dropped below 113 as 10-year yields declined but the reality that 67146/JPY did PERHAPS NOT close in a way that is meaningful below 113 is substantial and indicates that for now, the uptrend stays in tact. The bulls nonetheless do not want to to quit manage but as mo-Re information disappoints, their conviction will weaken. We ne

  2. #2
    EURO is powerful against all currencies, together with the largest gain from the New Zealand Dollar, up 1400 Pips since January 20 17

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