After consolidating for most of the late North American and early Asian session the EUR/USD finally broke through the psychologically key 1.3500 figure taking out the reported option barriers at that level as it reached its highest level since December of 2011. The run higher in the pair occurred despite another weak GDP reading from Spain with the flash report coming in at -0.7% versus -0.6%.
However, as we noted earlier, the EUR/USD has not been trading on economic data for quite some time, but rather on investors optimism regarding the stabilization of the financial sector in the region's periphery economies. With EZ sovereign debt yields continuing to compress and converge the currency pair has benefited from the continuing unwind of the "euro breakup" trade. This was clearly evident in today's session as the euro set fresh highs on many of the crosses including EUR/GBP EUR/JPY and EUR/AUD.
Currency market investors are clearly betting that the easing of the financial conditions in the region will translate into a pick up in the economic activity for the Eurozone as the year develops. In the meantime, the EUR/USD is clearly enjoying strong upside momentum and may target the 1.3550 level as the day proceeds and further option barriers fall by the wayside.
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Bye Bye 1.3500 Barrier: EUR/USD Takes Out A Key Level
Published 01/30/2013, 05:18 AM
Updated 07/09/2023, 06:31 AM
Bye Bye 1.3500 Barrier: EUR/USD Takes Out A Key Level
EUR/USD Takes out 1.3500
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