The 17-member single currency got the “kiss of death” from the Fed – just like other currencies against the dollar. It has been a tough two weeks for the one of the G3 member currency. First, the market pared their record dollar longs going into this week’s watershed FOMC meet and even managed to go long the EUR, nothing aggressive mind you. Second, the market did not anticipate that ‘helicopter’ Ben and his fellow cohorts would be as hawkish as they finally where mid-week. Now that tapering is on the Fed’s table, US yields have aggressively backed up, while the fear of expensive money has global equities entering “rout” territory. All of this has resulted in the USD be crowned ‘King’ again.
The EUR is ending the week printing fresh two-week lows as concerns about Greece’s political and financial stability is enough to act like another lead weight for the common currency. The “mighty” dollar has managed to extend its rally for a fifth consecutive session on the Fed’s optimism and their transparent roadmap towards tapering. The panic and lack of liquidity has been expensive for the many individuals who seem to have been caught in the matrix headlights. Closing below 1.3145 supports the bearish momentum of the EUR.
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Week In FX Europe: EUR’s Kiss Of Death From Ben
Published 06/21/2013, 02:17 PM
Updated 07/09/2023, 06:31 AM
Week In FX Europe: EUR’s Kiss Of Death From Ben
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