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Jun 01 - 11:55 AM

EUR/USD - Uptrend Resumes Post Mo-End Detour, ISM Shows Supply-Demand Issues

By Randolph Donney  —  Jun 01 - 10:21 AM

  • EUR/USD nearing May's 1.2266 high after its 1.2133 low on EBS Friday

  • ISM mfg data highlight tight supplies vs strong demand nN9N2KB012

  • Inflation surging, but employment supply tight, probably until September

  • Risk-on flows in Europe are supporting the euro against havens

  • S&Ps pullback after ISM data as growth, profits limited by tight supplies

  • Traders also selling Treasuries and buying EZ peripheral govt debt today

  • EZ's 2.0% inflation shrugged off, strong May PMI nL2N2NJ08O a euro plus

  • US inflation is high, but Fed says it's temporary, may taper at some stage

  • EUR/USD targets Jan's 1.2349 peak, but may NFP vigil may delay a retest

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Source:
Refinitiv IFR Research/Market Commentary

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