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Video: London Session Review: EURUSD Slides to New Lows

Video: London Session Review: EURUSD Slides to New Lows

Alejandro Zambrano, Market Analyst

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  • EURUSD slides to new lows as U.S. headline inflation rises 0.2 percent year-on-year vs. an expected outcome of 0.1 percent according to a Bloomberg News survey. This has boosted U.S. short-term yields and given the Dollar an advantage over the Euro.
  • GBPUSD trades sideways and did not follow the EURUSD lower as U.K. Core CPI increased by 1.1 percent YoY vs. the 1 percent expected. However, it is worth observing that there is an increasing discrepancy between the U.K. and U.S. yields favoring the Dollar. This makes me suspect that if the GBPUSD breaks today’s low of 1.5150 in tomorrow’s London session, the GBPUSD may reach its November low of 1.5025 in the coming days.
  • The DAX roars higher and is up by 1.12% in today’s session and from its Monday low, it is up by 4.1 percent. Traders looking for a Christmas rally will probably hold on their bullish positions, while short-term traders are most likely booking profits at current levels as we near the November high of 11,057.

Suggested reading: Silver Prices Potentially Breaking Last Week’s Low On Today’s U.S. Inflation Report

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

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