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May 02 - 08:55 PM

EUR/USD - Opens Higher As US Yields Slip Lower Ahead Of Fed

By John Noonan  —  May 02 - 07:30 PM
  • EUR/USD opens +0.21% after getting a lift from falling US yields

  • Renewed US bank concerns seen as forcing Fed to reverse course after Wednesday hike nL1N36Z2HR

  • EUR/USD traded below the 21-day MA (1.0973) but closed well above

  • A close below the 21-day MA would signal the end of the trend higher

  • Resistance is at the April 26 trend high at 1.1096 with sellers at 1.1045

  • Market will likely trade sideways ahead of Fed decision late Wednesday

  • Fed expected to hike 25 bps to 5.00-5.25% - but key will be message

  • Fed push-back against pricing of Fed cuts later this year would be hawkish

  • Fed signal they are ready to pause would be dovish

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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