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Jul 05 - 05:55 AM

EUR/USD's Rapid Decline Merits Attention

By Jeremy Boulton  —  Jul 05 - 03:45 AM
  • Jul 5 EUR/USD drops 1.0449-1.0375 EBS shortly after Europe opens

  • The sell-off and broader USD demand had no obvious spark

  • Recently traders have slashed USD longs but it has remained strong

  • Less USD longs mean less restraint on a rally

  • Fewer longs mean a greater need to hedge should USD then rise

  • EUR/USD is on cusp multi-year low at 1.0340. Cable cusp 1.20 pivot

  • USD/JPY just shy of a multi-decade peak

  • EUR/USD last traded below 1.0340 in Jan 2003

  • A break below 1.0340 could force a major rethink and big demand for USD

  • FX traders should cover risk that stocks drop further nL1N2YM0C0

Refinitiv IFR Research/Market Commentary


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