By Andrew M Spencer — May 17 - 08:55 PM
Steady after closing down 0.2%, with a broadly firmer U.S. dollar +0.3%
Market has turned more hawkish on ECB June rate hike expectations
ECBWATCH prices a 25pt June hike to 3.5% at 83.1% from 92.5 early Tuesday
A 50 pt June hike to 3.75% currently has a 15.9% chance from zero Tuesday
Charts; 21-day Bollinger bands expand while momentum studies conflict
5, 10 & 21-DMAs fall, a negative trending setup remains in play
1.0806, 50% of the 2023 rise held yesterday, remains initial support
1.0849 NY high, then yesterday's 1.0873 Asian top are the first resistance
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Source:
Refinitiv IFR Research/Market Commentary