The USD again is trading lower, after its fall on Wednesday and its unsustainable push higher. The Euro again reached 1.1800, as the USD/CAD is trading lower as well. FX trading volumes are low due to the expecting speeches from the Central Bankers from Jackson Hole.
The focus of the traders will be towards the speech from Janet Yellen and Mario Draghi tomorrow. There is a slight chance that Draghi might start with his negative tone as the Euro reached these levels. The last analysis show that due to the stronger Euro, the corporate financial results will be impacted negatively. Its possible that we might see a correction of the EUR/USD and higher USD. The stronger Euro is also slowing down the economic recovery, which ECB is trying to avoid.
The interest of the ECB remains to have financial stability and lower currency, which is to support the economic recovery in the Euro zone.
Trader - S. Fuchedzhiev
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