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Nov 23 - 03:55 PM

EUR/USD - Bulls Take Advantage Of Downbeat US Data

By Christopher Romano  —  Nov 23 - 02:10 PM
  • EUR/USD hit 1.0297 on EBS in Europe's morning, NY opened near 1.0320

  • US claims nL1N32I1WG, S&P Global PMI nZON006UY1 below estimates

  • US rates EDH3 turn lower, lower terminal Fed rate gets priced in

  • Lower rates drive US$ broadly lower and leads to risk-on sentiment

  • Equities ESv1 rally while USD/CNH erodes some overnight gains

  • EUR/USD rallied above the 10-DMA, struck 1.0384 on EBS then dipped

  • The 200-DMA was pierced after the Fed minutes release nL1N32J1JB

  • Rising daily, monthly RSIs & trend line break give longs confidence

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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