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27 Aug 2014
EUR/USD: No respite, new lows printed
FXStreet (Bali) - EUR/USD was hammered into yet another 1-year low on Tuesday, with further selling interest noted out of Tokyo, taking the rate towards 1.3160 new low following a NY close of 1.3167.
The stronger-than-expected US Durable Goods and Consumer Confidence boosted the US Dollar on Tuesday, which paired with the general negative sentiment towards the single currency, led to trend followers enjoy another profitable day selling the Euro.
Jim Langlands, Founder at FXCharts, notes: "For the coming session don’t look for too much, with 1.3150/00 looking likely to cover it. Further out, the US GDP is coming up tomorrow and on Friday we get the EU CPI. If the EU data remains soft, the Euro is going to come under heavy pressure ahead of next week’s (4 Sept) ECB meeting at which Mario Draghi may finally pull the trigger on further easing and perhaps even commence a policy of QE."
The stronger-than-expected US Durable Goods and Consumer Confidence boosted the US Dollar on Tuesday, which paired with the general negative sentiment towards the single currency, led to trend followers enjoy another profitable day selling the Euro.
Jim Langlands, Founder at FXCharts, notes: "For the coming session don’t look for too much, with 1.3150/00 looking likely to cover it. Further out, the US GDP is coming up tomorrow and on Friday we get the EU CPI. If the EU data remains soft, the Euro is going to come under heavy pressure ahead of next week’s (4 Sept) ECB meeting at which Mario Draghi may finally pull the trigger on further easing and perhaps even commence a policy of QE."