EUR/USD - Review 07/15/2024

Financial and commodity markets analytics

On Monday, the US dollar strengthened significantly, and cryptocurrencies showed sharp growth as traders increased their bets on Donald Trump's victory in the upcoming US elections. This dynamic was caused by an assassination attempt on the former US president, which affected market sentiment. Trade in Asia was reduced due to the weekend in Japan, but the news of the assassination attempt on Trump dominated the information field and prompted investors to reconsider the likelihood of his victory in November.

The single European currency showed an impulsive decline from the upper limit of the range around the $1.09 mark. However, by the current moment, the price has adjusted and leveled a significant part of the resulting momentum. However, this may be a correction and the beginning of the formation of a movement aimed at further reducing the Euro against the US Dollar and returning the price inside the range.

Today has demonstrated how political events can affect currency markets. In the near future, high volatility is possible, including in connection with the upcoming speech by the chairman of the US Federal Reserve, Jerome Powell, and his comments on the policy of the Federal Reserve. Traders are advised to follow the news in order to respond in a timely manner to changes in the market situation.