Dollar extends gains, euro backtracks from key $1.20 level

Dollar extends gains, euro backtracks from key $1.20 level

September 2, 2020

“Clearly there’s lots of momentum behind the euro’s rise with heavy speculative positioning pushing it up and lots of real money flows in its favor. But Philip Lane’s comments yesterday suggesting that we could see more jawboning from the ECB in the months ahead definitely helped kick that momentum back substantially against the dollar,” said Karl Schamotta, chief market strategist at Cambridge Global Payments.

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