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EURUSD – 1.1000 in View?
EUR/USD has been sliding ever since the hawkish FOMC minutes last week and today it hit an 11 week low breaking below the 1.1150 barrier. The pair is starting to finally feel the pain of interest rate differentials as the Fed look clearly to tighten while the ECB will remain stationary for the foreseeable future.
Tomorrow the market will get a glimpse at the IFO survey data and given the fact both flash PMIs and ZEW survey have missed their mark the IFO is likely to disappoint and could push EUR/USD to a test of the key 1.1100 support. A break there could open a up run towards the psychologically key 1.1000 level as the euro long continue to unwind their positions.