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The Euro/USD fluctuated and rose, trading around., while the Euro/Swiss Franc fell back and fell. Wandering near. Nordea Bank (rB) analysis pointed out that EUR/USD rebounded further from the trend line and tested another resistance area./. This area is the key level of the year's upward trend. A breakthrough or breakdown of this area by EUR/USD will be a key guide for the exchange rate to look towards the end of the year.
A favorable U.S. election result will push the euro upward, at least in the short term, but EUR/USD still lacks support from oil prices. Brent oil prices need to return above USD/barrel to confirm EUR/USD. ’s rise.
A favorable U.S. election result will push the euro upward, at least in the short term, but EUR/USD still lacks support from oil prices. Brent oil prices need to return above USD/barrel to confirm EUR/USD. ’s rise.
Due to heightened uncertainty about the U.S. election, the U.S. dollar came under pressure across the board at the beginning of the month, especially against the Swiss franc. The fall in USD/CHF has pushed EUR/CHF below the . mark, a point where we believe SNB intervention will become more aggressive. Swiss National Bank President Jordan previously reiterated that the Swiss franc exchange rate is significantly overvalued. We think so too. However, there is still a possibility that Trump will win the election, which will further put USD/CHF under pressure.
There has been divergence in the market recently, especially in emerging market currencies. European emerging market currencies were higher, but emerging market commodity currencies and Latin American currencies were hit hard. In particular, the Mexican peso fell by nearly % as the latest survey showed that Trump's probability of winning the election has increased. But we don’t think this is a sustainable state of affairs, and the U.S. election is a better opportunity to be long than short for the Mexican peso.
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