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Jun 10 - 09:55 PM

EUR/USD - Political Uncertainty Weighs - ECB Data-Driven

By Andrew M Spencer  —  Jun 10 - 07:50 PM
  • Flat after closing -0.35% with the USD +0.2% supported by higher UST yields

  • Political uncertainty after EU elections and French election call weighed

  • ECB may wait several meetings between rate cuts, Lagarde - data-driven

  • Yield spreads tightened, 10yr bund +6bp 2.675% and 10yr UST +4bp 4.469%

  • Charts - momentum studies slip, as 5, 10, & 21-day moving averages fall

  • 21-day Bollinger bands expand - the positive setup evaporated - bias lower

  • Monday's 1.0733 base and 1.0721, 0.618% Apr/Jun low are initial supports

  • This week's 1.0799 top and then the 1.0843 21-DMA are the first resistance

  • There are no major close strikes for June 11th

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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