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Jun 02 - 07:24 AM

EUR/USD - And Dollar Index At Key Inflection Points Pre-Data Deluge, ECB

By Randolph Donney  —  Jun 01 - 08:50 AM
  • EUR/USD's recovery hits 1.1154 on EBS, barely past March rebound high

  • Long wick on today's candle so far with big data and ECB this week

  • Nearly analogous dollar index rebounds off 61.8% Fibo of March wide

  • Markets trying to stay risk-on, USD-off, downplaying US-China tensions

  • Also global PMIs recovering, but still deeply in contraction

  • U.S. Manufacturing ISM the main event risk today, NFP on Friday

  • ECB Thursday seen upping relief efforts by EUR500 bln

  • EUR/USD, USD back to where Fed squelched USD funding squeeze in March

  • Cloud top at 1.1065 and 200-DMA at 98.51 key dollar hurdles now

  • Bullish 10-year BTP-Bund yield spread tightening, but more slowly

Chart Click here

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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