The euro shows signs of life, rises from the bottom

EUR/USD fell as low as 1.0807 about two hours ago, but quickly turned to erase almost all of its declines for the day, trading as low as 1.0920 currently.

The EUR/CHF also fell from parity to 1.0080, up 0.6%, with a little boost from the SNB surely. Meanwhile, EUR/GBP has also erased its earlier fall from near 0.8200 to now 0.8269 – daily highs.

I don’t see any headlines on the rally, but it also comes as stocks pare some of their decline from earlier. The DAX is now down 1.5% after falling almost 4% at one point earlier in the day. S&P 500 futures also pared declines to 0.5% from a 2% decline earlier.

Elsewhere, oil also pushed to the day’s lows, but is still comfortably higher on the opening spread. WTI Crude is still up 4.6% at around $121.

The jump in EUR/USD also saw the dollar’s gains against the pound fade, with GBP/USD now approaching 1.3200 from around 1.3140 previously.

Anyway, I’m not too convinced of the EUR’s jump just yet but expect traders to brace for some ECB jaw dropping heading into Thursday.


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