No one can stop the Euro from falling. Overview for 13.05.2022

EURUSD keeps hitting one new bottom after another.

The major currency pair remains weak. The current quote for the instrument is 1.0378.

So, yesterday EURUSD hit another bottom, this time at 1.0352. The asset is getting closer to parity and this might be the factor that boosts its decline.   

Market players are still trying to mitigate risks. Literally, everything is looking scary: geopolitical tensions, the lockdown in China, interruptions in the delivery chains that continue for the third straight year, and a global inflation rally. There are too many unknown variables and very few “safe haven” assets – the “greenback” is almost the only one. 

In this light, investors may continue selling EURUSD 

The statistics moved to the back burner – emotions are now in control of the situation. However, market players will have to look at the facts sooner or later. For example, the weekly Unemployment Claims report showed 203K after being 202K the week before and against the expected reading of 195K.

Later today, investors may take their minds off emotions, if they can of course, and should pay attention to the University of Michigan Consumer Sentiment for May. 

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Source: RoboForex


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