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Jun 06 - 08:55 PM

EUR/USD - Tightening Yield Spreads After The ECB Supports

By Andrew M Spencer  —  Jun 06 - 07:45 PM
  • Steady after closing +0.2% with the USD off 0.15% ahead of US payrolls

  • The ECB produced a hawkish cut with the next move data-dependant

  • Refinitiv ECBWATCH prices only 37.7bp in further cuts for 2024

  • Yield spreads tightened, 10yr bund +5bp 2.543%, 10yr UST steady at 4.281%

  • Charts - momentum studies flat-line, as 21-day Bollinger bands contract

  • 5, 10, & 21-day moving averages climb - positive setup needs progress soon

  • 1.0848 21-day moving average and last week's 1.0788 base are initial support

  • 1.0916/17 upper 21-day Bolli band and this week's high are first resistance

  • 1.0875/85 3.282BLN and 1.0895/00 2315BLN are the close strikes for June 7

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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