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May 30 - 08:55 PM

EUR/USD - Bid As Yield Spreads Tightened Into Key Inflation Data

By Andrew M Spencer  —  May 30 - 07:50 PM
  • Steady after closing up 0.25% with the USD off 0.35% as data disappointed

  • Yield spreads tightened, 10yr bund -3bp 2.655%, 10yr UST -7bp 4.554%

  • EZ and US inflation leads event risk tonight - suggests a tight Asian range

  • June ECB rate cut priced in - optimism on inflation and further cuts builds

  • Charts - momentum studies crest/fall, as 21-day Bollinger bands contract

  • 5, 10, & 21-day moving averages coil - signals show no real bias

  • Thursday's 1.0788 early low in Europe is initial support

  • This week's 1.0889 is the first significant resistance

  • 1.0825 669 mln and 1.0845/50 1.311 BLN are the close strikes for May 31

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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