Intra-Day Market Moving News and Views
Update Time: 24 July 2020 05:30GMT
EUR/USD - 1.1613... The single currency swung wildly in hectic trading yesterday as despite rebounding to 1.1598 in early European morning, failure to penetrate Wednesday's 21-month peak at 1.1601 triggered profit-taking and price dropped to 1.1541. However, the pair found renewed buying there and rose to 1.1626 in New York morning on usd's broad-based weakness before retreating to 1.1590 in New York afternoon and then trading sideways.
Euro's break above Wednesday's high at 1.1601 to 1.1626 yesterday signals erratic upmove from March's bottom at 1.0637 remains in progress and further gain to 1.1670/80 would be seen.
Bids are now seen at 1.1590/00 and more below at 1.1570/80 with stops building up below there whilst initial offers are noted at 1.1690/00.
There is a slew of data to be released from the eurozone including manufacturing and services PMIs from several countries. Pay particular attention to Germany's figures at 07:30GMT. Street forecasts are 48.0 and 50.5 vs previous readings of 45.2 and 47.3 respectively.
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