The Euro is unable to buy a break at the moment with the single currency under pressure from a host of other major currencies. Get your market update from nickcawley1 here:
and gas seen as a negative for Europe’s largest economy. With energy prices sky-high, there are growing fears that the German economy may stall, bringing into doubt the ECB’s plan of reducing the zone’s dependence on quantitative easing. Inflation is also rife in Europe - as it is globally - and with slowing growth and rising inflation, the ECB needs to tread very carefully when looking to temper price pressures within the single block.
Today’s US Jobs Report will need to be followed, although its overall effect on the market is weakening due to the path of future US interest rate hikes being fairly well signposted. The US jobs market is tight and is expected to remain so for the immediate future.EUR/USD is pressing down on 1.1000, a psychological level more than a pure technical level, and a confirmed break below here opens up the potential for a longer-term move all the way back down to the pre-pandemic double low at 1.0636.
The number of traders net-long is 2.65% higher than yesterday and 20.93% higher from last week, while the number of traders net-short is 8.82% lower than yesterday and 12.06% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a
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