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US dollar keeps grinding higher

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Fresh lows in the euro and pound

The US dollar move isn’t done yet.

EUR/USD is testing 1.1900 as it bleeds lower. Cable is also at the worst levels of the day, down 73 pips to 1.3916.

On the daily EUR/USD chart, the swiftness of the move is stark after weeks of little action.

Fresh lows in the euro and pound

When I look at a move like this, it tends to confirm the failure of EUR/USD to break 1.23. What’s telling is that it came on a fundamental game changer.

At the same time, if the message is a repricing in interest rates then the sharp drops at the US long end certainly don’t fit. US 30s are down to 2.079% from a high of 2.21% today.

Keep an eye on GBP and EUR as London goes home for the day.

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