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May 14 - 03:55 PM

EUR/USD - Bulls Shrug Off PPI, Fed's Powell

By Christopher Romano  —  May 14 - 01:40 PM
  • NY opened near 1.0795, hit 1.0767 on EBS after US April PPI hit the wires

  • Headline number drove the spike lower but investors then looked at revisions

  • Significant downward revisions erased gains for yields US2YT=RR, US$

  • USD/CNH fell to 7.2355 & gold <xau+> rallied as risk sentiment improved</xau+>

  • EUR/USD erased the post-data drop, turned positive, hit 1.08255 on EBS

  • Remarks from Fed Chair Powell did nothing to deter EUR/USD bulls

  • Rally stalled near daily cloud base, pair near 76.4% Fib 1.0885-1.0602 late

  • Rising daily, monthly RSIs, move above 55- & 200-DMAs are bull signals

  • April CPI & retail sales due Wed., downbeat data may sink US yields, US$

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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