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Aug 11 - 07:55 AM

EUR/USD - This Unexpected EUR/USD Support May Spell Trouble Ahead

By Jeremy Boulton  —  Aug 11 - 05:40 AM
  • Germany's ZEW rises to 71.5 in August from 59.3. Beats 58.0 f/c

  • Current conditions -81.3 from -80.9. F/c was -69.8

  • ZEW seems a surprise welcome for EUR/USD traders sitting heavily long

  • However, few traders bought EUR thinking about a positive economic outlook

  • Most were covering U.S. risk and buying into a presumed safer asset

  • Strong German recovery will aid euro zone and that should help U.S.

  • Good news is not what many EUR/USD longs are probably hoping for

  • Huge EUR/USD bets always lead to big reversals nL1N2FD095



Source:
Refinitiv IFR Research/Market Commentary

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