The EUR/USD pair finishes the week on the downside, although losses were modest, with the pair still close to the 1.1000 threshold. Financial markets
struggled for direction amid uncertainty surrounding the economic future, failing to set a directional path.
Being Germany the leading European economy, trouble in the country means trouble for the Union. German’s slowdown is dragging EU growth as a whole, and the odds of a recession increase over time.has no choice but to continue tightening its monetary policy, regardless of the risks involved. ECB officials have flipped from discussing the need for a pause to anticipating another rate hike next month.
Zone will release the second estimate of the Q2 Gross Domestic Product , expected to confirm a 0.3% growth in the three months to June and the July HICP.The EUR/USD pair is bearish, although the weekly chart shows buyers have defended the 1.0900 threshold since late July. Somehow, it seems that the US Dollar is a bit exhausted, although, with the pair trading at current levels, a tide change is still unclear.
The pair bottomed at 1.0911 in August, the level to break to confirm a bearish continuation, initially towards the 1.0830 price zone. Once below the latter, EUR/USD can fall as low as 1.0720.
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