EUR/USD jumps toward 1.1000 on Clinton FBI probe
|The US dollar dropped sharply across the board after the FBI said that it uncovered new emails related to the closed investigation into whether Hillary Clinton mishandled classified information. EUR/USD rose from 1.0935 to 1.0990, hitting the highest level in a week.
The pair was trading at 1.0975/80, 80 pips above Thursday’s closing price and consolidation above the 1.0935 resistance zone, that capped the upside on the previous two trading days.
With the recent rally, the pair is now headed toward the first weekly gain after losing ground in the previous three. The euro is extending the recovery after hitting the lowest level since March at 1.0850 on Tuesdays.
Will it last?
The decline of the US dollar so far means an important, an maybe unexpected, correction, considering it took place during the second half of Friday’s American session and also after the release of better—than-expected US GDP data.
Next week, the political campaign, after today’s FBI revelation could have a large impact on the currency market, that will surely also be affected by the FOMC decision (Wednesday) and the US employment report (Friday).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.