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Aug 13 - 07:24 AM
EUR/USD - ZEW Dumps But EUR/USD Does Not As Short Take Profits
First appeared on eFXplus on Aug 13 - 05:10 AM
  • Germany's ZEW survey collapses -44.1 in August from -24.5 (f/c -28.5)
  • Last weaker Dec 2011 @ -53.8 nS8N251013
  • ZEW says trade war Brexit place pressure on already weak economic growth
  • Bad news upping risk ECB eases rates at its Sep 12 meeting
  • That said, traders are short euro and are likely to take profits
  • Growing risk aversion is cause to anticipate a broad unwind of all bets
  • EUR/USD support at 21-DMA 1.1175. Resistance 100-DMA 1.1224

ZEW survey Click here

Source:
Refinitiv IFR Research/Market Commentary

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