Euro leans through 1.08 as it nears the weekly high

July 4, 2024 6:15 pm

It’s a US holiday so I’m taking all the market moves today with a grain of salt but the general theme is US dollar selling, perhaps in a delayed reaction to yesterday’s weak ISM services reading (it fell to a four-year low).

In the past few hours, the euro has taken advantage and is now up 25 pips on the day to 1.0811.

EUR/USD 10 mins

It’s now within striking distance of the weekly high of 1.0817. A break of that would be the best level since June 11.

This is the fourth day of gains for the euro as the market recovers from the initial angst about the French election. Zooming out, the euro is right in the middle of the range since February and looking for a reason to make a move. Today’s Germany manufacturing and industrial orders numbers were poor, with orders down 1.6% compared to 0.5% expected.

However there is angst in the US as well as growth numbers turn lower.

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