Video: EURUSD Hits Fresh Two Year Low Before US Payrolls
• EURUSD is the epicenter of high profile event risk to end the week between the ECB and upcoming NFPs
• The ECB held off from a BoJ-style escalation, but the Euro would still drop
• It isn't just the Dollar traders that are holding their breath for Friday's October NFPs
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While EURUSD was nudged lower to hit fresh two-plus year lows by the ECB rate decision, the heft of this drive still falls to the Dollar. The USDollar (ticker = USDollar) closed at its highest level since May 2009 this past session with gains measured against all of its major counterparts. Whether this push can extend momentum to back its trajectory or not now falls to the October NFPs. Beyond its history as a market-moving release, this data can trip the financial system's top two themes: rate forecasts and risk appetite. Furthermore, coming so soon after the Fed's decision to end QE3 and given the persistence in rising volatility levels; the impact potential is that much higher. We discuss the market's short fuse and dangerous sparks in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.