XE Market Analysis: Europe – Jun 22, 2018

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The dollar has traded moderately softer so far today, extending a theme that has been seen since yesterday following the release of the Philly Fed index, which came in much weaker than expected. Amid this backdrop, the euro has corrected some of its recent losses against most other currencies, which has likely reflected short covering, although in a market still wary about the Italian government’s Eurosceptic bias. EUR-USD has recovered back above 1.1600, posting a three-day high at 1.1638. The pair had yesterday printed an 11-month low at 1.1508.