EUR/USD drops to lowest since May 2017 on Dollar demand. Risk reversals hit lowest since May 21, indicating rising demand for bearish bets. EUR/USD is on the defensive, courtesy of not-so-dovish ratee cut by the Federal Reserve (Fed). The currency pair is currently trading at 1.1046, having hit a low of 1.1034 a few minutes before press time. That was the lowest level since May 2017. The US Dollar is solidly bid and could continue to push higher during the day ahead, as the US Federal Reserve cut rates by 25 basis points on Wednesday, but dashed hopes of further easing by referring to the rate cut as a mid-cycle adjustment. Growing demand for puts One-month risk reversals on EUR/USD, a gauge of calls to puts on the common currency, fell to -0.412 in Asia, the lowest level since May 21. A negative number indicates the implied volatility premium for the EUR puts (bearish bets) is higher than that for call options (bullish bets). The data indicates the investors are adding bets to position for further weakness in Euro. The bearish sentiment would further strengthen if the final German and Eurozone PMI readings for July scheduled for released later today are revised lower. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/IDR technical analysis: 100-DMA keeps the upside limited despite upbeat Indonesia inflation data FX Street 4 years EUR/USD drops to lowest since May 2017 on Dollar demand. Risk reversals hit lowest since May 21, indicating rising demand for bearish bets. EUR/USD is on the defensive, courtesy of not-so-dovish ratee cut by the Federal Reserve (Fed). The currency pair is currently trading at 1.1046, having hit a low of 1.1034 a few minutes before press time. That was the lowest level since May 2017. The US Dollar is solidly bid and could continue to push higher during the day ahead, as the US Federal Reserve cut rates by 25 basis points on Wednesday, but… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
