EUR/USD bulls move in on a correction of the US dollar's parabolic rally
- EUR/USD bulls step in and give some much-needed stability to an otherwise sinking ship.
- The US dollar has been lit up by the Fed's hawkish narrative at the end of the week.
EUR/USD is attempting to correct from the lows of the day so far and is back to a flat position in the third hour of Tokyo's session. The single currency has travelled between a range of 1.0069 and 1.0092 so far for the final day of the week.
In Tokyo's open the greenback was lit up by news that President Xi Jinping and Russian leader Vladimir Putin are planning to attend a Group of 20 summit in the resort island of Bali later this year, according to Indonesian President Joko Widodo. This was reported by Bloomberg:
“Xi Jinping will come. President Putin has also told me he will come,” Jokowi, as the president is known, said in an interview with Bloomberg News Editor-in-Chief John Micklethwait on Thursday. It was the first time the leader of the world’s fourth-most populous nation confirmed both of them were planning to show up at the November summit.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
