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Aug 02 - 05:55 PM

EUR/USD - US Payrolls Send Shorts Scrambling For Cover

By Christopher Romano  —  Aug 02 - 01:00 PM
  • NY opened near 1.0820 after 1.0783 traded in Asia, rally extended

  • Pair rallied above the 5-, 200- & 21-DMAs, hit an 11-session high

  • 1.09268 traded on EBS after US July payroll data came in below estimates

  • Yields US2YT=RR fell sharply, DE-US spreads US2DE2=RR tightened sharply

  • JP Morgan, Goldman Sachs change to Fed rate cut estimates helped sink US$

  • EUR/USD maintained most gains despite equity ESv1, gold XAU= drops

  • EUR/USD traded up +1.13% late in the day and techs leaned bullish

  • Rising RSIs. Break of t-l off July's high, hold above 200-DMA are bullish

  • July global PMIs, US weekly claims, US July ISM services are risks next week

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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