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May 16 - 04:55 PM

EUR/USD - After A Two Month High Is Hit Bulls Take A Break

By Christopher Romano  —  May 16 - 01:45 PM
  • NY opened near 1.0875 after 1.0895 traded on EBS in Asia, drop extended

  • Higher then estimated April import prices drove thoughts inflation is rising

  • Yields US2YT=RR, US$ rallied & spreads US2DE2=RR widened in US$ favor

  • Risk soured; USD/CNH rallied to 7.2270, stocks ESv1 & gold XAU= fell

  • EUR/USD fell to 1.08545 the4n bounced as US$ buys abated, risk improved

  • Pair neared 1.0870 late, traded down only -0.14% late in the day

  • Daily doji formed & daily RSI diverged which may be worries for longs

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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