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EURJPY Plummets as Sentiment Worsens
The euro deepened its losses as investors fret that the Eurozone is inching toward a recession. The bloc’s weakest growth since 2013 is a sign that major economies are yet to stabilize. While the ECB is depleting its ammunition, there is no fiscal effort insight to turn the tide. Instead, a political crisis in Germany poured oil into the fire after Chancellor Merkel’s potential successor stepped down amid divisions within the ruling CDU. The single currency has broken below the major support of 119.40. October’s low of 117.20 becomes closer as sentiment deteriorates.
EURGBP Falls after Britain’s Political Reshuffle
The pound rallied across the board after PM Boris Johnson replaced Sajid Javid with Rishi Sunak as the Chancellor of the Exchequer. Market participants see in this political shift a move toward a fiscal stimulus to...
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