4 Jun 2015
EUR/USD back to square one after round-trip to 1.1380
FXStreet (Córdoba) - EUR/USD took a 300-pip round trip on Thursday, driven by European yields, Greek headlines and US data.
EUR/USD pulled back sharply from the 1.1380 zone reached during the European session as investors book profit ahead of the US nonfarm payrolls report and headlines coming from Greece continue to pour cold water to prospects of an imminent Greek deal.
Latest headlines, via Reuters, suggest Greek PM Tsipras has told ministers that extreme positions of creditors cannot be accepted. On Friday, the Greek Parliament is set to debate creditors proposal. There were rumors Tsipras would seek a confidence vote at the parliament, but were quickly denied by government sources.
Meanwhile, on the other side of the Atlantic, US jobless claims came in better-than expected ahead of Friday’s nonfarm payrolls report. Meanwhile, the IMF downgraded US GDP outlook and suggested the Fed should wait until 2016 to hike rates.
Against this backdrop of volatility, EUR/USD is currently trading at the 1.1260 zone, virtually unchanged on the day. On the upside, immediate target stands at 1.1465, which is the mid-May recovery high.
EUR/USD pulled back sharply from the 1.1380 zone reached during the European session as investors book profit ahead of the US nonfarm payrolls report and headlines coming from Greece continue to pour cold water to prospects of an imminent Greek deal.
Latest headlines, via Reuters, suggest Greek PM Tsipras has told ministers that extreme positions of creditors cannot be accepted. On Friday, the Greek Parliament is set to debate creditors proposal. There were rumors Tsipras would seek a confidence vote at the parliament, but were quickly denied by government sources.
Meanwhile, on the other side of the Atlantic, US jobless claims came in better-than expected ahead of Friday’s nonfarm payrolls report. Meanwhile, the IMF downgraded US GDP outlook and suggested the Fed should wait until 2016 to hike rates.
Against this backdrop of volatility, EUR/USD is currently trading at the 1.1260 zone, virtually unchanged on the day. On the upside, immediate target stands at 1.1465, which is the mid-May recovery high.