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May 12 - 11:55 AM

EUR/USD - Spectacular Surplus Provides Strong Foundation For EUR/USD To Rally

By Jeremy Boulton  —  May 12 - 10:30 AM
  • German Mar current account surplus at EUR 32.4 bln is 4th biggest on record

  • As energy prices have slumped c/a has swung hugely nL1N3790JE

  • Surplus just 0.5 bln in Aug 2022

  • Turn has supported a EUR/USD rise since September when traders were short

  • Growth of surplus will help support EUR/USD now traders are long

  • Weight of longs is significant and a rapid rise isn't likely

  • It's more likely that ranges rise from 1.05-10 towards 1.07-12 nL1N3790CK

Refinitiv IFR Research/Market Commentary


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