EUR/USD: Fed launches new facility for foreign central banks
USD weakens later in the session as program expected to ease global USD illiquidity.
EUR/USD Technical analysis, overview, strategies, and levels
EUR/USD's price broke through yesterday's 1st Support level offering plenty before eventually retracing as the US dollar weakened following the US Federal Reserve's launch of a new facility for foreign central banks to alleviate USD illiquidity globally. There was plenty of data yesterday out of the Eurozone, with preliminary CPI (Consumer Price Index) figures below expectations at its core (which excludes plummeting energy prices) and overall, and Germany's unemployment rate for March showing a surprise drop. A lot more is on the table today, not just due to manufacturing PMIs (Purchasing Managers Index) out of the EZ, but also out of the US with estimates from both Markit and ISM, and preceded by ADP's (Automatic Data Processing) non-farm estimate expected to show a significant negative figure as the US is on course to becoming the new epicenter of the virus.
IG client* and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
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