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Jul 08 - 04:55 PM

EUR/USD - Risk-Off Rebound Capped By 10-Day MA, Fed, ECB Aspirations

By Randolph Donney  —  Jul 08 - 02:52 PM

  • EUR/USD's 1.1868 high on EBS found offers by the 10-day MA

  • Rebound mostly short profit-taking post Fed, ECB events nL2N2OK1K4

  • ECB follows Fed most of the way on 2% inflation target nL5N2OI4S2

  • Jobless claims fit w worries regarding slower pandemic recovery, Fed taper

  • Broad risk-off flows saw dollar down sharply vs low-yield havens

  • EUR/USD's bounce more a byproduct of the broader dollar risk setback

  • A 13bp rise in 5-yr Bund-Tsy yield spreads since July 1 props EUR/USD

  • Main trend still down, with 1.1895 the daily on-close pivot point

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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