Euro Continues Under Pressure Amid Increasing Market Volatility

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The Euro selloff is still the primary topic in today’s lethargic markets. The Dollar and the Yen are also being weighed down by a return of market volatility. Commodity currencies, on the other hand, are generally robust, with the Australian dollar outperforming the Kiwi and the Loonie. For the time being, sterling is mixed, aided by buying against Euro heavyweights. While equities are recovering, most indices have remained in a very stable range. Traders want to wait for the US non-farm payrolls report tomorrow before making a decision.

Governing Council members agreed with the conclusion that “an accommodating monetary policy stance persisted” in the minutes of the ECB’s September 8-9 meeting. “Policy assistance from a continued pace of net purchases under the PEPP, as well as other instruments and the recalibrated future guidance, was regarded crucial,” according to the report.

Since June, “financing conditions have remained favorable or eased further,” according to the report, which was “evident across a broad spectrum of indicators.” The inflation outlook has “significantly improved over the year.” The short-term rise in inflation, on the other hand, was “primarily caused by transient factors that would dissipate in the medium run and not necessitate policy intervention.”

Euro Vulnerability Persists in Volatile Markets

For the time being, the markets are still quite unsettled. Following a comeback in the stock markets, commodity currencies rallied early in the session, led by the Australian dollar. The dollar, like the yen, is softening again. The euro’s decline, particularly against other European majors, has been the more persistent trend this week. Because the markets are anticipating tomorrow’s non-farm payroll report, trading today may remain non-committal.

The EURUSD pair reached a high of 1.1571 but is currently trading in the 1.1550 price range, indicating that it is still negative. On the 4-hour chart, the pair is still trading below a bearish 20 SMA, which is currently hovering around 1.1580 and acting as a dynamic resistance.

Although the RSI dropped lower near oversold readings, indicating sustained selling activity, the Momentum indicator rose inside negative levels. On a breach below 1.1520, the immediate support level, the pair is expected to resume its downward trend.