Related Articles
Share it
The euro saw some volatility overnight, but ultimately ended lower as the US dollar gained ahead of Ben Bernanke’s speech in Jackson Hole this evening while concerns in Europe weighed on the common currency.
After trading to a high of 1.4473, an unexplained plunge in the German DAX saw EUR/USD fall out of bed, hitting a low of 1.4327 amid rumours Germany was about to announce a short selling ban and that its credit rating was under review. However, these proved untrue, with the market rebounded strongly to finish the overnight session at 1.4377. Equity weakness throughout US trade did little to help overall risk appetite ahead of what is a big weekend for global markets. Little in the way of QE3 is expected, apart from the line that ‘we’ll do all that is necessary’ to support the US economy. EUR/USD was last at 1.4414.
