Overall, the currency market remained in a risk-aversion mode throughout the European session, as the equity markets moved lower and S&P futures declined at a sustained pace. The market’s risk-aversion phase made the major currencies decline compared to the dollar, but still the yen traded range-bound. The market is expected to remain in a risk-aversion mode throughout the U.S. session, since the release calendar is almost empty and there are not any important meetings scheduled that could turn the market around.
The Euro (Eur/Usd) fell very easily down to the 1.3850 area during the overnight session, but since then the pair appeared powerless to break lower. Moreover, the second part of the European session proved very volatile as the S&P futures were breaking lower, but still the euro was not able to break the intra-day support level. During the European session, a release showed that the German Ifo Business Climate increased for a third consecutive month in June.
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