EUR/USD Surges Past Mid-1.1500s as Oil Prices Plunge and JPY Rallies
The EUR/USD pair is gaining momentum, climbing to a fresh high since June 17 and surpassing mid-1.1500s during the Asian session on Monday.
This comes as the US Dollar (USD) weakens due to a slump in crude oil prices and the Japanese Yen's aggressive follow-through short-covering.
The USD Index, which tracks the Greenback against a basket of currencies, is prolonging its retracement slide from last week's high near 97.0, with traders tempering bets on extreme Fed tightening amid policy concerns.
Brown Brothers Harriman's Elias Haddad argues that the recent strength in the Dollar has run its course and is poised to retreat back into a 96.00-100.00 range due to 'Fed Chair Kevin Warsh failure to turn tough inflation rhetoric into a credible policy.'