Home Forex News Euro Retreated From Its Recent High After Modest Lift In Dollar

Euro Retreated From Its Recent High After Modest Lift In Dollar

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  • Higher US Bond yield pushes emerging currencies on back foot.
  • Sterling remains subdued amid Brexit talks extended for another week.
  • US Stocks mixed as rotational into value persists

The dollar held broad gains on Thursday as investors adjusted some of their expectations about a COVID-19 vaccine, which tempered a recent rally in risk assets but kept enough confidence to support the greenback against safe-havens. The dollar index sat just below a one-week high hit overnight and the dollar stood close to a one-week top against the Swiss franc and a three-week peak against the yen.

The European Central Bank said it would focus on bond buying and cheap loans to boost pandemic-wrecked economies, while the British pound was lower as Brexit trade talks dragged on. The dollar’s decline had been predicated on crumbling U.S. bond yields, as the Federal Reserve promises low rates for a long time, and hopes for a global recovery that would lift other currencies.

TREND : WEAK BEARISH

Time                                      :           12/11/2020

Pivot                                     :        1.1781

Technical View                     :         LONG ABOVE 1.1801

Target                                   :        1.1821, 1.1832, 1.1869, 1.1905

Technical View                      :       SHORT BELOW 1.1761

Target                                   :        1.1741, 1.1719, 1.1693, 1.1646

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