While the risks associated with Brexit or the popularity of the Italian extreme right seem to be largely taken seriously by a large fringe of the political classes concerned, the European Central Bank's plan currently being prepared behind the scenes destroys any potential breathing space for the single currency.

Its key rates are stagnating at the lowest level in its history and the size of its balance sheet has reached an all-time high. However, the ECB is preparing to further support the economy of the Nineteen at its next meeting on 12 September. In written responses to the European Parliament, Christine Lagarde, who will succeed Mario Draghi as head of the monetary authority on 1 November, also states that she wants to maintain a very accommodating policy.

A perspective that puts pressure on the Euro and exasperates Donald Trump. The American president deplores the strength of the greenback, despite its own protectionist initiatives, and once again accuses the FED of "doing nothing".

For his part, FED President Jerome Powell took advantage of the Jackson Hole Central Bankers' rally to commit to supporting the world's largest economy, but he also explained that the American Central Bank did not have a ready-made employment mode to deal with the consequences of the trade war. On the macro front, Uncle Sam's manufacturing sector activity contracted in August for the first time in three years
Graphically, the Euro crosses USD 1.10 and has recorded new lows since May 2017 in the run-up to the next ECB meeting. Depending on the size of the Frankfurt announcements, speculators could either sell the news, i.e. allow the single currency to recover, or, on the contrary, drive the nail in the coffin. In the current context, we are still banning purchases from the pair in the medium term and favour sales on rebound, in contact with 1.0990 and 1.1097 USD, with 1.0888 and 1.0825 USD in the sights.