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EUR/USD fell well below 1.1500 to its lowest level in three months as the Turkish political and currency crisis weighed on markets. The lira weakened after the US sanctioned two Turkish ministers, and a Financial Times report on ECB concern over European bank exposure to Turkey triggered the euro's drop.
The combined Turkey and US tensions strengthened the dollar against the euro, pressuring dollar-priced commodities and raising import costs for euro-zone buyers.
forexcrunch.comYohay ElamAug 10, 2018After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Identifies the Turkish crisis, US sanctions on Turkish ministers and the FT report on ECB bank-exposure worries as the trigger of the EUR/USD break lower on the day.
