Forex - EUR/USD, EUR/JPY Flows: EUR takes another dive


 10:44 (GMT) 17 May

  [Forex Flows]

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EUR/USD, EUR/JPY Flows: EUR takes another dive (0100-ZXDW-C01)

EUR/USD is pushing lower again as early N.American traders get to their desks, no obvious news behind it but it does bring yesterday's low at 1.1761 into much sharper focus. It's looking grim for EUR longs generally with only EUR/GBP really showing any signs of holding up, while EUR/JPY with a degree of catch up is again making upward progress on USD/JPY hard to sustain. 1.1790 remains the closing level to watch on EUR/USD, but even that no guarantee that USD/CHF longs are going to see the double top at 1.0056 re-visited.


Forex - EUR/USD, USD/JPY Flows: US data fails to impress, Italy avoiding worst case scenario


 17:19 (GMT) 16 May

 [Forex Flows]

It has generally not been a very positive day for the USD apart from earlier losses on EUR/USD as UST yields pause after yesterday's sharp rise. In terms of today's data the main story may be significant negative back revisions in industrial production, not a major story perhaps but it was only the upward back revisions that allowed a positive spin to be put on yesterday's retail sales report. In Europe it seems that a populist Italian government is not going to putting an exit from the Euro on the agenda, and that takes some risk away from the single currency.


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