EUR/USD and GBP/USD fall, while USD/JPY drifts sideways
Poor economic data is driving the euro and sterling lower, as investors move back to a risk-off mindset.
EUR/USD pushes lower on PMI news
The EUR/USD decline continues here, and indeed may be gathering pace.
The weakness over the past 24 hours has seen the price push below $1.0815, the lows over the last week, creating a more bearish view, the price having spent the past five sessions trying without success to clear resistance around $1.088. Below $1.0775, the price heads towards the late-March lows at $1.086.
GBP/USD takes a bearish turn
GBP/USD's two bounces over the past 24 hours towards $1.237 have been rebuffed, and it looks like the price is turning sharply lower as a result.
The next target is Tuesday’s low at $1.225, and then $1.2185 comes into play. Overall, the bearish impression is still firmly in place, with the price having drifted lower since the middle of the month.
USD/JPY stuck in narrow range
Volatility has been contained here, as the USD/JPY price is mostly moving in small daily ranges.
However, it is showing reluctance to challenge the ¥108.00 area on the upside, and dips towards ¥107.40 have found buyers. A break of this tight range is needed to establish a new direction.
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