Posted by: Commentary from Boris Schlossberg and Kathy Lien, Directors of Research, GFT
In a liquidity starved session, the EUR/USD skyrocketed past the 1.4700 barrier in early European trade as momentum players ignored the worst IFO reading since 1982 and sent the unit flying after it tripped stops at the 1.4500 barrier. The breath taking ascent took place against the background of deteriorating economic conditions as the mantra of the currency market continues to be - yield, yield, yield.
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