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Jun 18 - 04:55 PM

EUR/USD - Upward Momentum Fails Despite Retail Sales Miss

By Christopher Romano  —  Jun 18 - 01:35 PM
  • 1.0718 hit on EBS in early NY after EUR/USD traded 1.07615 in Asia overnight

  • Buying ensued as yields US2YT=RR, US$ fell & spreads tightened US2DE2=RR

  • US May retail sales missed estimates, suggested consumers may be weakening

  • Riskier assets rallied; stocks ESv1, gold XAU= rallied, USD/CNH slid

  • EUR/USD pierced the daily cloud base, rallied to 1.07615 then pulled back

  • US$ selling abated which drove EUR/USD towards 1.0735 late in the day

  • EUR/USD was up +0.03% in NY's afternoon, daily doji candle formed

  • The doji and falling monthly RSIs may be signals which worry longs

  • Remarks from Fed's Kashkari, Barkin, Daly may impact risk Wednesday

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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