The largest contributor to the Euro’s rise since September has been the Yuan. Package Juckes, Chief World FX Strategist at Société Générale, expects USD/CNH to dictate the trail of EUR/USD.
EUR/USD, anchored by the Yuan, harm by lack of progress
The USD/CNH stalling offers the Euro some assist within the face of headwinds it faces from market positioning (lengthy), current European knowledge (weak) and fading expectations of additional ECB price hikes past September.
The place USD/CNH goes subsequent could resolve whether or not EUR/USD spends August under 1.10 or re-testing 1.13.
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