EUR/USD is struggling to recover after last week’s sharp drop. The pair is still very pressured and could sink below par at any timeanalysts report ENG.
Portfolio adjustments by Asian central banks could be added to the sell-off
“Asian currencies remain under heavy pressure and will prompt intervention to sell dollars to support local currencies. Asian FX reserve managers will need to sell EUR/USD to rebalance currency portfolios to benchmark weights.”
“The market is pricing in a 54 basis point rate hike for the September 8 meeting. Could the ECB start discussing prospects for more aggressive rate hikes if it wants to offer EUR/USD some support? speeches from the hawks of northern Europe this week”.
“The EUR/USD trend this week is to retest July low of 0.9950“.
Source: Fx Street
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