After what was clearly a week of extremes in the foreign exchange market, and particularly for the large EUR/USD and GBP/USD currency pair, Friday translated into sharp declines. The EUR/USD dropped back beneath the 1.1750 level as the U.S. dollar bounced modestly. At the same time, the GBP/USD fell to near 1.3450 after the UK released weak retail sales figures.
For much of the latter half of Friday’s trading session, the EUR/USD faced a concerted push from bears to crash the currency pair. It kept punting beneath the 1.1750 level. It is part of a deeper trend of market sentiment towards the dollar, which has appreciated against all major currencies. Today’s moves suggest an increasing panic among investors about the economic picture — especially in Europe.
The GBP/USD’s slide was worsened by the recent release of downbeat UK retail sales data. The GBP/USD had a tough time as it closed Thursday in the red. By Friday afternoon, the move was still holding downward, ending close to the 1.3450 marker. What’s worrisome to analysts is the really bad economic data. They think it will lead to stronger parliamentary oversight of the Bank of England’s monetary policy decisions.
At the same time, the broader cryptocurrency market has taken a beating. Ethereum has plunged close to 3% this week, while Ripple has been hit even harder with a loss of around 10%. These drops illustrate the persistent volatility still existing in digital asset markets as traders continue to respond to changing economic signals and regulatory developments.
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With the EUR/USD on a current bearish track, now is the time for traders to be alert and look toward opportunities that await them. The euro is under sustained downwards pressure with ongoing volatility in the foreign exchange market. To make sense of this new landscape, investors need to understand where the true opportunities and risks lie.
“Is the Fed behind the curve?” – FXStreet