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Sep 11 - 07:55 AM

EUR/USD - REFILE-BUZZ-Central Banks Prime Suspects For EUR/USD's Surprise 1.20 Peak

By Jeremy Boulton  —  Sep 11 - 05:55 AM

Adds chart

  • Turkey battling to support lira. Now defending 7.50 nL1N2G809A

  • Turkey's FX reserve rose by over USD 3 billion between Aug 24 and Sep 4

  • During this period EUR/USD peaked at 1.2014 and dropped to 1.1781 EBS

  • CBRT would most likely sell EUR/USD if it were to replenish the reserve

  • EUR/USD most liquid currency pair. EUR and USD form big part CB reserves

  • EUR/USD top at 1.2014 surprised after dovish tweak to Fed policy

  • To execute huge orders it's usually necessary to counter-trade an extreme

  • Maybe peak shouldn't surprise. SNB has lots EUR/USD to sell too nL1N2G70AM




Turkish FX reserve Click here

Source:
Refinitiv IFR Research/Market Commentary

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