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Jul 14 - 06:55 AM

EUR/USD - Robust EUR/USD Support Might Be Stealth Intervention

By Jeremy Boulton  —  Jul 14 - 04:40 AM
  • EUR/USD has encountered strong support around parity

  • There have been several bursts higher indicative of big buy orders

  • One of these bursts lifted the pair to 1.0122 EBS

  • EUR/USD surprisingly rallied after the trigger of 1.0000 barriers

  • It may be stealth intervention with eurozone cenbanks adjusting reserves

  • This is not true intervention which would require ECB to act

  • Selling dollars when Fed is trying to combat CPI is a problem nL1N2YV0CP

  • A timely adjustment of reserves can be effective

  • EUR/USD support buys time for eurozone firms to adjust nL1N2YV0EN




Source:
Refinitiv IFR Research/Market Commentary

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