There was very heavy buying of EUR/GBP by a UK clearing bank at mid-morning which helped lift EUR/USD along with it. Here we are in early afternoon and the cross is all the way back to where we started. From 0.8433 we back down to 0.8404.
Not a good sign for the single currency if you can’t stay afloat against the market’s most reviled currency, Her Majesty’s pound sterling.
The markets are looking like one big ugly contest again with the euro, pound and dollar all vying for the tiara…
