EUR/USD rallies hard once again, testing high resistance at 1.1270 after already having settled on much lower ground.
With news about Greece remaining mixed, the driver for the move is weakness in the US dollar: comments interpreted as dovish by Bill Dudley triggered a USD sell off.
The president of the NY Fed said he doesn’t know when the US will eventually raise the rates.
The pair was stuck in a range between 1.1130 and 11.90 for long hours. It began a gradual ascent and reached 1.1277. The US dollar is also weak against other the pound and against other currencies.
Tomorrow we will get the all important GDP figures from the old continent. Growth should have accelerated in Q1, thanks to a weak euro among other factors.
More: EUR/USD: Sell In May; Close To A Turning Point – Credit Agricole
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