EURUSD Tops $1.20 After Jackson Hole

The euro topped $1.20 on Tuesday for the first time in more than two and a half years, as traders bet on the winding down of eurozone crisis-era stimulus measures.At 0810 GMT, the single currency touched $1.2070, the highest level since early January 2015. That compared with $1.1978 late in New York on Monday.In hotly-anticipated speeches late last week, central bank chiefs from the US and Europe sidestepped the questions of economic stimulus and monetary policy.

Sentiment was also dented in the wake of monster storm Harvey.“The dollar continues to suffer from the Trump reality check,” noted OANDA analyst Craig Erlam.“His promises of spending and tax cuts been a none-mover, weighing on the dollar because of the economic impact that will be lost and because it likely means less (interest) rate hikes from the Federal Reserve.“Geopolitical tensions, troubles within the White House and Congress, and now Hurricane Harvey pile further pressure on the greenback.”

Source: Euro tops $1.20 to hit highest level since early 2015 – Breitbart

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam