It's been quite the rout in the euro today
The euro is now the worst performing major currency, falling behind the aussie and the kiwi. Safe haven bids continue to drive the market but we're seeing more flows into the dollar with the euro and sterling bearing the brunt of the selling.
EUR/USD now touches a low of 1.1531 on the day, and looks set for a move towards the year's low @ 1.1510 again - posted at the end of May. Friday's low @ 1.1543 looks to be broken when the hourly candle closes at the top of the hour and momentum is clearly with sellers right now.
There's also minor support near the 1.1520 level but bids are lined up at the figure level which could stall the downside move at the very least.
Draghi's earlier speech essentially confirmed a Q3/September 2019 or later rate hike at the earliest and there's still a lot of lingering uncertainty between then and now. And markets do not like uncertainty. Just look at how the trade rhetoric has suddenly blown up today for example.
The euro's selling has also helped to accelerate the dollar index's momentum, as it breaches the October high of 95.150 and now trades near session highs of 95.261.
