EURUSD dropped as the US dollar squeezes the market. The CB Consumer Confidence data from the United States due today.

EURUSD dropped yesterday and closed at 1.3368. Jens Weidmann urged the governments in the Eurozone not to depend on the central bank to solve their economic problems or to fix their fiscal woes. The 23 members of the European Central Bank Governing Council remained divided on whether further benchmark interest rate cuts could be warranted. On the other side of the ocean the US Treasury Secretary Jacob Lew stated that the US would hit debt ceiling of 16.7 trillion USD in mid-October and urged lawmakers to act soon to avoid a government default. The risk-off drives the market today. The claims on Syria’s government that used chemical weapons against the civilians and talks on US to attack Syria anytime unsurprisingly shrink the appetite for risk on the market. Support for the EURUSD is seen at 1.3298 and resistance is seen at 1.3407. The HotForex Traders Board shows that 63 percent of the traders are short on the EURUSD.

EURUSD dropped as the US dollar squeezes the market. The CB Consumer Confidence data from the United States due today.