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Jun 28 - 04:55 PM

EUR/USD - COMMENT-US Recap: EUR/USD Struggles Even As US Yields Drive Lower

By Randolph Donney  —  Jun 28 - 02:51 PM

The dollar index clung to slight gains on Monday, withstanding a New York morning selloff and a steady slide in Treasury yields, though yen strength could pose some difficulties for the U.S. currency.

The dollar resilience came after last week's IMM data, for the June 16-22 CFTC reporting period, showed dollar shorts were cut in the wake of hawkish Fed tones following this month's FOMC meeting.

However, the falling Treasury yields, which took a bite out of last week's tentative gains, could make it harder for the dollar maintain its firm tone.

Though EUR/USD pulled off its lows, it remained below the daily cloud base after the 10-day moving average capped its upside potential.
Falling monthly RSI implies longer-term downside momentum remains.

GBP/USD surrendered most of its earlier gains, which had been supported by news that the UK government was on track to lift lock down restrictions nL5N2OA31H, with a long upper shadow hinting at decreasing appetite and 14-day momentum remaining heavily skewed to the downside.

The Canadian dollar took a hit, handing back some of last week's gains as oil slid.

AUD/USD also softened after failing to rise much above the 200-DMA as fresh lock down restrictions threaten growth and potentially increase the risk of a dovish RBA bias.

Ether rose about 5.6% by late U.S. trade, outperforming bitcoin, which was down 1.44%, relatively tame moves by cryptocurrency standards.

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Source:
Refinitiv IFR Research/Market Commentary

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