EUR/USD dips to a low of 1.1449 on the day
That’s the lowest level the pair has traded since 20 August. It’s all about risk off sentiment in markets once again as the dollar and yen are pulling ahead of the rest of the major currencies bloc.
Italy’s bond yields are making fresh multi-year highs once again and that is starting to weigh on European equities in general as well. Add to the fact that US equity futures are also on the back foot as US Treasury yields continue to rise, it’s making for yet another sour day for risk.
EUR/USD looks on course for a revisit towards the 1.1400 handle at this point and a breach of that will call into question the year’s lows at around 1.1300.
At the same time, the fresh bid in the dollar and yen is leading to other currencies falling quickly on the day too. GBP/USD is now at a low of 1.3035 while AUD/USD and NZD/USD have both fallen to lows of 0.7062 and 0.6431 respectively.