Sellers pile back into EUR/USD

Once again range-traders will be rubbing their hands together as, true to form, the currency cross has failed to hold above the $1.3400 level.

EUR/USD traders have been desperately trying to get theirs heads around the timing and implications for the tapering of the US quantitative easing process.

Added to this is the countdown to the next deadline for the US breaking its current debt ceiling. At the present rate, the US will reach this around mid-October. The cynical view will be that the two political powers in the US will drag the discussions out until the very last moment and one way or another will fudge the issue by moving the goalposts. If such a scenario indeed transpires, it would not really do anything to resolve the longer-term issue.

Those two looming fiscal issues have to an extent been put into the shade with the fast-moving developments materialising in Syria, and the possibility of military action by the west. Politically this is a delicate issue, as both China and Russia have stated a belief that military action should be avoided.

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CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.