Yesterday, EUR/USD more than 80 pips on nothing. We mean there are no major economic data from euro zone this week, and it turns investors focus to US reports.
The pair moves will depend on market sentiment towards USD, and for now it gains popularity. North Korean woes have not come true, and Irma was downgraded to tropical storm leaving most populated areas intact.
It gave the market hope that damages would not be so devastating, leaving the chance to see the Fed rate hike before the year end. But it’s all only hope. This week we are going to see the reports on inflation and retail sales, and the chances to get stronger than expected are not that high.
Under this scenario EUR/USD looks very attractive for buys at current levels with potential to rise up to 1.2050 by the week end.
By Helen Rush – Sep 12, 2017 02:50AM ET