Posted 9/26/2023, 12:59:22 PM
EUR/USD Slumps to New Lows as Stocks Sell Off and Dollar Strengthens on Growth Fears
- EUR/USD fell to a fresh multi-month low on Tuesday due to concerns about tight financial conditions.
- The US Dollar has benefited from the sour market sentiment as stocks give up yearly gains.
- Inflation updates from major economies like Germany, Eurozone, and US are in focus this week.
- EUR/USD is trading around 1.0600 after hitting 1.0569, with bears in control according to technical indicators.
- For the near-term, the ongoing EUR/USD recovery seems insufficient to change the longer-term downtrend.