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EUR/USD drops further, approaches 1.1100

FXStreet (Córdoba) - EUR/USD declined further during the American session and recently printed a new 2-week low at 1.1115. The pair remains under pressure as the US dollar consolidates gains in the currency market.

EUR/USD eyes 1.1100 and September lows

From last week highs it has fallen now almost 350 pips and approached 1.1100 and September lows that lie at 1.1080/90. A break below 1.1080 would put the euro at 1-month lows.

In less than three days EUR/USD lost two weeks of gains. During the previous two trading days the pair lost more than a hundred pips and today is “just” losing 70 pips.

European stocks end dip in red

European markets finished the day with considerable losses. The FTESE 100 lost 2.83%, the Dax plummeted 3.749% and the IBEX 35 dropped 3.11%. In Wall Street, the Dow Jones was falling 215 points and the Nasdaq was down 1.82%.

Commodity prices were also falling, with gold down 0.70% and crude oil (WTI) 2.40%. The US dollar and the yen were the best performers, favored by risk aversion.

Fed speak and technical levels are the drivers - Scotia

Analysts at Scotiabank explained that the North American markets are confronted with a generally stronger USD and softer equity and commodity markets.
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