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EUR/USD Rallies to 1.3405 After French June Industrial Production

Posted by Chris Advincula on Aug 8, 2014 6:48:00 AM
Euro.8.8 resized 600

Chart: WorldWideMarkets Alpha Trader

The euro rebounds to test 1.3405 on shortcovering post Mario Draghi's dovish comments yeterday and while Italy enters another recession. Late in New York yesterday, President Obama authorized U.S. airstrikes against Islamic militants in Northern Iraq to prevent a potential genocide however, raising fears of another unwanted war particpation of the United States in Iraq. This pushed the dollar lower and sent European and Asian stocks lower while the yen and the swiss francs are sent higher on safe haven buying.

The French Industrial Production came out better than expected which gave the euro a boost to 1.3405 from 1.3360.

 

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