The euro remains under pressure this morning after selling off yesterday on the back of disappointing services PMI data. The EUR/USD is down slightly again, below 1.1700 after the euro struggled despite a weak dollar. The EUR/JPY has now dropped for six straight days, while the EUR/GBP plunged below 0.8900. The EUR/JPY and EUR/GBP are now the worst performers on the week to date.
The British pound is performing slightly better, though is selling off slightly this morning.
The Australian dollar is under pressure this morning, with the AUD/USD falling below 0.7400 once again. The AUD/JPY is reversing yesterday’s gains. Austalian CPI came in slightly below estimates.
Sentiment against precious metals continues to worsen, with both gold and silver struggling to lift off the lows.
Today, we have German Ifo business climate at 09.00.
Crude oil inventories are at 15.30.
Gold continues to lose its glitter and is struggling at the lows along with other precious metals. While the dollar remains strong, it’s worth betting on further downside from here.