EURUSD D1 23-09

The low today touched 0.9771 just as we get into European morning trade, as the dollar continues to hold firmer across the board. The intervention by Japan yesterday did spill over to some dollar softness initially but all of that was forgotten come day end as long-end yields surged higher. And the dollar isn't looking back as markets continue to digest the post-Fed mood.

EUR/USD is now trading to its lowest levels since 2002 and there is very little in terms of support stopping the pair from a steeper drop. If anything, I would point towards 0.9500 as being a key psychological level where buyers may lean on but otherwise, the pair may very well look to keep driving lower unless something changes among the fundamentals/market sentiment.

The latest French PMI data here sees a marginal bounce in the services sector but that runs against a continued slump in manufacturing activity. While France does rely more on services, the outlook remains dim as demand conditions are still struggling ahead of the winter months.