Just as it started to alert us yesterday, we are focusing on euro today once again.
Extremely weak and bad economic and inflation data that came out of Germany yesterday became the reason for the USD to lose its positions and to drop to the lowest point since May 2017. But if you were hoping to see a swift recovery as well as the chart go up, I have some bad news for you – the miracle has happened, at least yet.
Bad data is one side of the story. There is also USD, pressing on the united European currency from all of the sides now. Its safe haven status supports its demand and bad economic data from all over the world, ensure that traders keep on coming to trade it. Plus, uncertainty around trade war is too much to take now and traders just want to see something grow and USD provides us with just what we need. If we have an escape, why focus on euro? That is exactly what we think, so euro is left hanging and falling.
There are several minor reports coming out today, one of which is German data, so watch out for even more volatility in the markets and use trading signals for good measure.