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Apr 11 - 08:55 PM

EUR/USD - Dovish ECB, But Tightening Yield Spreads Support

By Andrew M Spencer  —  Apr 11 - 07:30 PM
  • -0.15% in a muted response to ECB maintaining a June rate cut is 'live'

  • Upcoming data and contained oil prices will be key for the June cut

  • Yield spreads tightened - 10yr bund +5bp to 2.477%, 10yr UST +3bp to 4.590%

  • Bunds climbed on the higher-for-longer outlook for U.S. interest rates

  • Charts - daily momentum studies fall, 21-day Bollinger bands slide

  • 5, 10, and 21-day moving averages slip - the daily charts are bearish

  • 1.0699 New York low and then 1.0695 2024 base are initial supports

  • 1.0756 early New York high then Wednesday's 1.0866 top first resistance

  • 1.0700 3.425 BLN and 1.0750 1.668 BLN close strikes for April 12th

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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