EUR: Going for the ride - BBH

Research Team at BBH, suggests that the euro is going for the ride and has reached the 50% retracement objective of the decline since May 3's brief push above $1.16 at $1.1265. 

Key Quotes

“The 61.8% retracement is found near $1.1350.  The German ZEW, the main eurozone data today, was mixed.  The assessment of current condition jumped to 57.6 from 49.8, well above expectations for 50.2.  However, the forward-looking expectations component showed considerably less improvement than expected.  The 0.5 reading is better than the -6.8 reported in July but poorer than the 2.0 expected.”