Euro has reached a top

16 June, 2017

The Euro has continued to tumble today, still reeling from yesterday’s bullish Fed speech and some believe that further losses are on the cards.

At 4.34pm (GMT) the European currency was trading at $1.1132 after trading as high as $1.1302 in yesterday’s trading.

At their latest board meeting, yesterday, the US Federal Reserve hiked rates by 25 basis points which was widely expected by the market, but it was the following monetary statement which caught investors off guard.

In her speech, Fed president Janet Yellen noted that overall she was happy with the direction of the US economy including the jobs market and inflation was also picking up which seemed to go against the recent release of economic data from the US

The Euro as well as most of the major currencies took a hammering after the speech and some mentioned it was well due for a steady correction.

The euro got a bit overextended on the recent run higher as it ran out of new good news to take it higher and the European Central Bank did its utmost to dampen expectations for the beginning of any asset purchase taper," John Hardy, Head of forex strategy at Saxo Bank,

How much further the Euro can now fall is anybody’s guess, but with the Fed poised to lift rates higher later in the year and the European Central Bank expected to keep rates on hold the potential for big losses is highly possible

"That's all the Fed. With the Fed, people were expecting a little more dovishness," said Martin Arnold, Global FX & Commodity Strategist at ETF Securities.

"I think we are close to seeing a near top for the euro and a near bottom for the dollar." he added.


Source  
Crunch day today for British pound

The British pound is remaining well supported in today's trading session after a sizable jump in business optimism and employment numbers reduced market expectations...

Pound jumps most in two years

The British pound has jumped its highest level since May 2018, briefly hitting the $1.35 mark against its US counterpart after British Prime Minister Boris...

Gold higher on rate cut expectations

The gold price surged back above the $1500 mark in yesterday's trading session after another round of disappointing economic data from the US...


Oil awaits Fed decision

The Oil price was trading lower again yesterday on Monday, weighed down by worries about the current state of economic growth, and some major...

Oil surges on conflict concerns

The oil price has continued to rise in today’s trading session after yesterday’s gains on the back of attacks on two oil tankers in the Gulf of Oman...

Gold need to hold this level

The gold price is now trading at its lowest level since the start of the year and is now consolidating around the $1275 mark and according to one...


Gold faces key moment

The gold price has remained above the $1300 mark in today's trading session after breaking this important level yesterday and today's outcome...

US dollar down on dovish Fed

As predicted yesterday, the Fed kept interest rates on hold but the following monetary statement was much more dovish than analysts had predicted...

Gold needs some big news

The gold price is under further pressure in today's trading session as investors ponder the chances of another rate hike from the US Federal Reserve after the release...