XE Market Analysis: North America – Jul 22, 2020

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A surge in the euro and a plunge in the pound have been the dominant theme in forex markets. The dollar and yen remained soft against most currencies, and the Australian and New Zealand dollars pegged fresh trend highs despite flagging risk appetite in global markets. EUR-USD surged to fresh 18-month highs above 1.1580, the culmination of what has now been an accelerating five-week rally phase. EUR-JPY printed a fresh six-week high at 123.80. Other euro crosses are up, led by a 1% surge in EUR-GBP, aided higher by concurrent underperformance of the pound.