Following the announcement of Brexit the euro dropped swiftly from EUR/USD 1.14 to 1.09, before recovering towards EUR/USD 1.10.
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The euro to dollar rate fell to lows of 1.0913 in overnight trade as the single currency was hit by fears about the outlook for the integrity of the EU following Britain’s decision to vote to leave…
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If EUR/USD (currently in the 1.1260s) can break clearly above the 50-day moving average (at 1.1300), which is currently preventing any further progress higher, it should gain the necessary momentum…
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The euro is adrift against the US dollar at the start of the new week with focus resting on the outcome of this Wednesday’s FOMC statement.
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With much of the currency focus surrounding the EU referendum falling on the British pound, it is easy to forget other crosses will feel some heat.
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One of the first institutions to move on their exchange rate forecasts following the release of poor labour market data released by the US Bureau of Labor Statistics is Intesa Sanpaolo.
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The dollar enjoys positive momentum heading into the new month, however the EUR/USD exchange rate could stage a recovery should an important data release at the end of the week disappoint.
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