The Euro has been sliding for the better part of the past two weeks, plagued by two main issues: the ECB attempting to wrestle inflation pressures while preventing bond market fragmentation; and growing stagflation concerns.
The Euro has been sliding for the better part of the past two weeks, plagued by two main issues: the European Central Bank attempting to wrestle inflation pressures while preventing bond market fragmentation; and growing stagflation concerns as energy prices remain elevated and growth slows.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed EUR/USD trading bias.
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