Dreary Eurozone PMIs triggered the EUR/USD’s initial decline amid early European trade Thursday, with downside further exacerbated by the press conference after the ECB interest-rate decision in which rates were left unscathed.
Thursday 24th January: ECB takes centre stage today – possible volatility ahead.
Broad-based US dollar selling, triggered by a sharp drop in 10-year Treasury yields, appears to be the primary catalyst behind the recent upsurge.
Wednesday 23rd January: The mighty greenback preserves gains above 96.30 – firmly holding ground above monthly supply-turned support area at 95.13-92.75.
On the data front, the ZEW Indicator of Economic Sentiment for Germany recorded an increase of 2.5 points in January 2019, and now stands at minus 15.0 points.
Tuesday 22nd January: UK employment figures eyed in early London.
Technical signals on the bigger picture, as you can probably see, are mixed. Weekly flow portends further buying may be on the cards, while daily sellers are defending nearby supply.
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