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Aug 11 - 01:55 PM

EUR/USD - US Dollar, Yield Bulls Prefer PPI Data Over U Of Michigan

By Christopher Romano  —  Aug 11 - 01:25 PM
  • EUR/USD rallied to 1.1004 on EBS in early NY then fell to a 3-session low

  • US July PPI was above estimates but some of June's PPI was revised downward

  • US$, US yields US2YT=RR rallied sharply, EUR/USD fell below the 10-DMA

  • EUR/USD bounced on U of Michigan; expectations & inflation outlooks dropped

  • Bounce was sold into however as US$ and yields remained buoyant

  • Equity ESv1 drop, USD/CNH rally to 7.2621 drove investors to safer assets

  • EUR/USD fell toward the 55-DMA, top of t-l off July 18 high, hit 1.09455

  • Pair held most of the session's losses, traded down -0.29% late in the day

  • Techs are mixed; RSIs falling but pair above 55-DMA & daily cloud

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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