Since early morning hours the Eurodollar is under strong demand of buyers despite a worse than expected reading of the German ZEW Institute Consumer Climate Index. The direct impulse that is weakening the American currency is worsening investment climate on global stock exchanges causing an exodus from assets denominated in U.S dollars.

At this moment the EURUSD oscillates around 1.60 but macroeconomic news that will be published in the afternoon might change the whole picture. Investors are still waiting for data from the U.S including the PPI and Retail Sales. Some movement can also be caused by the Empire State Manufacturing Index.

Adam Narczewski