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The predominant currency pair, EUR/USD, is in the process of stabilization after a tumultuous day marked by downward pressure. The present quote for EUR/USD stands at 1.0913.

The USD has reached its peak for the month, fueled by investors seeking refuge. Market participants have been steering away from risks due to apprehensions regarding the future of the Chinese economy. Furthermore, concerns were raised about the course of action the Bank of Japan might take, given the JPY's decline to its lowest point since last November.

Hence, the prevailing trend is USD acquisition as a strategy to mitigate risks.

Attention has shifted to developments in China, particularly news involving Country Garden, the largest private developer, attempting to defer payments on private bonds. This unprecedented move is causing heightened nervousness among market players, as such occurrences can potentially signal strains within the construction sector.

With the Chinese real estate domain already treading on the brink of a crisis, the news from Country Garden only exacerbates the existing pessimism.

The upcoming focus will be on the US retail sales data. For July, there's an anticipated growth of 0.4% month-on-month (m/m), following a 0.2% m/m increase in June. An upsurge in retail sales tends to be indicative of inflation tendencies. If the Federal Reserve proceeds with its interest rate hikes, this could further bolster the USD's strength.

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The post EUR Hits Monthly Lows - Overview  for August 15, 2023 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: EUR Hits Monthly Lows - Overview  for August 15, 2023
Sourced From: blog.roboforex.com/blog/2023/08/15/eur-hits-monthly-lows-overview-for-august-15-2023/
Published Date: Tue, 15 Aug 2023 08:28:01 +0000

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