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May 13 - 04:55 PM

EUR/USD - Daily MAs, Trend Line Turn Magnetic After Inflation Report

By Christopher Romano  —  May 13 - 01:50 PM
  • NY opened near 1.0785 after 1.0766 traded EBS overnight, rally extended

  • USD/CNH drop from its session high, equity ESv1 gains helped buoy

  • Tighter DE-US spreads US2DE2=RR, lower US yields US2YT=RR aided the lift

  • EUR/USD rallied to a 6-session high of 1.0807, sellers then emerged

  • NY Fed report for April indicated Americans expect higher inflation

  • EUR/USD slid near the 55- & 200-DMA, top of trend line off the March 8 high

  • Pair dipped below 1.0790, sat near 1.0795 late, was up only +0.19%

  • Techs lean bullish; RSIs are rising & pair traded above the 10- & 21-DMAs

  • US April PPI, remarks from Fed's Powell, Cook may impact risk Tuesday

  • US CPI, retail sales for April are bigger risks looming for Wednesday

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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