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Aug 31 - 04:55 AM
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EUR/USD - Steady In Thin Trade, But Oil Bid And Fed Hike Risk Add To Downside Risks
By Refinitiv — Aug 31 - 03:29 AM
• EUR/USD flat in holiday-thinned trade, firmer oil adds to euro headwinds
• Oil jumps more than 2% on U.S.-Iran tit-for-tat strikes , keeping EU gas prices near YTD highs
• Through the terms-of-trade channel, rising energy costs increase downside risks for EUR
• Fed Sept hike odds now around 60% , supporting USD bid
• Near-term support at 1.1550-60, break would open up 1.1500
• Resistance at 1.1600-05, then 1.1630-50
EURUSD hourly chart
Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))
Source:
London Stock Exchange Group | Thomson Reuters