XE Market Analysis: Europe – Sep 03, 2020

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The dollar is up for a third straight day as measured by the narrow trade-weighted DXY index, which posted a six-day high at 93.03, further extending the rebound from Tuesday’s 28-month low at 91.75. EUR-USD concurrently posted a one-week low at 1.1795. A profit taking impulse on dollar short positions was initially seen following the breach above 1.2000 earlier in the week, which came as market attention on the ECB’s framework review rose following the unexpected negative August CPI figure out of the Eurozone (of -0.2% y/y).