It’s thin liquidity today in markets but it’s non-stop selling all the same.
The euro is now up 116 pips the day to 1.1508 and touched as high as 1.1528. It’s the first time above 1.15 since November of 2021 as stops were run above 1.15.
I feel like I’m writing the same thing in every post at the moment: The market just doesn’t have any confidence in the economic plan from the US. The dollar has been at the center of a system that took 80 years to build and it’s all being torn down.
Maybe it will work in time but the old system did work and made American capital markets the envy of the world.
Aside from the rally in EUR/USD, the US dollar is falling right across the board. Another one to keep an eye on is USD/CHF as it breaks below an 8-day consolidation and to a fresh 10-year low.
This article was written by Adam Button at www.forexlive.com.