The euro opened higher during the Asian session today, but the up gap was soon filled.
The U.S. dollar remained weak against the major counterparts due to the shutdown of the government. The euro opened 50 pips higher against the U.S. dollar but the momentum faded immediately. It has given back the entire 50 pips. The euro buyers remained hesitant ahead of the ECB’s monetary policy meeting this coming Thursday because the ECB policy makers have expressed concerns over the excessive strength of the euro against the greenback.
Last week, the ECB talked down the euro, which sent the euro reeling from 1.2250 to 1.2160. The euro later recovered most of the losses from 1.2160 after the verbal intervention.
The latest result can be found here.