Last week’s selloff is this week’s rally.
The euro struggled last week in a broad-based US dollar rally but it’s the opposite so far this week as the market rethinks the theory around a US economic re-acceleration, in part because Trump is hammering away on the tariffs again.
The euro just edged above last Thursday’s high but has some work to do to get back to the Sept 16 level that was the high of the year. The spike on that chart came in the moments after the FOMC cut but the first target is last week’s highs near 1.1800. I would like to see a close above 1.1755 today to confirm a rebound.
