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15 Dec 2014
EUR/USD jumps and erases daily losses
FXStreet (Córdoba) - EUR/USD bounced from daily lows and erased almost completely intraday losses in a matter of minutes without a clear catalyst.
EUR/USD bounced off a marginal new low of 1.2413 toward a fresh daily high of 1.2478 in recent dealings. At time of writing, the pair trades at the 1.2470 zone, effectively unchanged on the day, with 1.2500 as immediate resistance to overcome.
“The moves could be tied to the collapse in the Russian ruble. In the past, the first stop for money fleeing the country has been Europe”, said Adam Button, editor at ForexLive. “But there is a dramatic interplay ongoing with emerging market currencies as well. The Turkish lira just fell to a new record low and a variety of emerging market currencies are under pressure”.
EUR/USD bounced off a marginal new low of 1.2413 toward a fresh daily high of 1.2478 in recent dealings. At time of writing, the pair trades at the 1.2470 zone, effectively unchanged on the day, with 1.2500 as immediate resistance to overcome.
“The moves could be tied to the collapse in the Russian ruble. In the past, the first stop for money fleeing the country has been Europe”, said Adam Button, editor at ForexLive. “But there is a dramatic interplay ongoing with emerging market currencies as well. The Turkish lira just fell to a new record low and a variety of emerging market currencies are under pressure”.