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Aug 21 - 04:55 PM

EUR/USD - Bulls Charge To A 13-Month High On Dollar Drop, Tighter Spreads

By Christopher Romano  —  Aug 21 - 02:10 PM
  • NY opened near 1.1125 after a tight range overnight, range persisted early

  • Investors awaited US BLS preliminary benchmark revisions for NFP

  • Downward revision indicated 818k jobs less than previously reported

  • Yields US2YT=RR, US$ sank as investors priced in more Fed cuts IRPR

  • DE-US yield spread US2DE2=RR traded to its tightest since August 6

  • EUR/USD broke the overnight high and December's monthly high

  • Rally extended after Fed minutes; 1.1168 hit, pair up +0.35% late

  • Techs are bullish; RSIs rising, daily & monthly bull hammers are in place

  • EZ August HCOB PMIs are data risks in Europe's morning

  • US weekly claims, August S&P Global PMIs are risks in NY for Thursday

  • Fed Chair Powell's JH speech Friday looms, may limit impact from data

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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