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Jan 11 - 07:55 PM

EUR/USD - Tightening Yield Spreads Provide Underlying Support

By Andrew M Spencer  —  Jan 11 - 05:50 PM
  • +0.05% after closing little changed, recovering early losses on US CPI

  • Confidence the Fed will cut in March grew FedWatch prices a cut at 75.2%

  • Yield spreads tightened, 10yr bund -1bp 2.207%, 10yr UST -6bp 3.975%

  • ECB's Lagarde - rate cuts will only occur when inflation confirmed at 2%

  • Charts; daily momentum studies, 5, 10 & 21 day moving averages conflict

  • 21-day Bollinger bands contract - signals show no strong bias

  • 1.0875, 38.2% of the Oct/Dec rise is key support, break targets 1.0793 50%

  • 1.1000 NY high and then the December 1.1139 high are initial resistance

  • 1.0945/50 1.538BLN and 1.0975/80 1.312BLN are the close strikes for Jan 12th

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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