EUR/USD appreciated by 2.1% to 1.0940 so far in July from its trendline support near 1.07, DBS senior FX strategist Philip Wee.
A significant trendline resistance at 1.0970
“This month’s rally was attributed to the European Central Bank’s signal at its forum in Sintra (on July 2) for a pause at today’s governing council meeting (which it did) vs. more Fed officials opening the door for a rate cut this year on US inflation resuming its decline amid over the rise in the unemployment rate.”
Politically, the Euro (EUR) was relieved that the far-right National Rally party fell to third position in the second round of the French elections despite its outsized gains in the first round. However, EUR/USD is coming up against a significant trendline resistance of around 1.0970. EUR is feeling the drag from some unwinding of yen carry trades.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.