The euro has lost some impulse such as the European reference currency amid the US dollar outings (USD). From the beginning of the week, it has been surpassed by all the other G10 currencies, except for the USD, CAD and NZD. There is the possibility that the massive cuts of energy in Spain and Portugal (now resolved) have affected the euro at crossings, although there are also broader considerations that must be taken into account, says Francesco Pesole, FX Analyst of ING.
EUR/USD could try again 1.15
“The positioning in the option market suggests that the euro is the most overwhelmed currency at this time. That is probably a more precise indicator than the figures of the CFTC, which focus more on short -term speculative flows and suggest that the long net positions in Yen are much greater. This must be weighing with the macro and rates that are not favorable for the euro. of the focus on the impact of tariffs on the US and the increase in optimism for the German fiscal stimulus have unusual to markets to the narrative of weak activity in the Eurozone. ”
“By the way, the European Central Bank has sounded quite moderate lately. The Secretary of the US Treasury and allows the EUE to err on the moderate side. “
“The EUR/USD has fallen just below 1,140 at the time of writing this this morning. We could see some stabilization around these levels, or even some additional pressure on the torque before the US data enter the equation later today. Before that, we believe that the risks are inclined towards another upwards and potentially Cruces. “
Source: Fx Street
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