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May 19 - 01:55 AM

EUR/USD - Moves Higher As China Optimism Lifts Risk

By John Noonan  —  May 19 - 12:05 AM
  • EUR/USD opened -0.84% at 1.0461 after Wall Street collapse lifted USD & JPY nL2N2XA2TU

  • USD was offered in Asia and the mood lifted on positive China reports

  • A Shanghai official outlined moves to reopen Shanghai and return to normal nB9N2UP01U

  • Asian equities came off their lows and E-Minis went from -0.7% to +0.15%

  • The buoyant mood weighed on USD and EUR/USD traded up to 1.0507

  • Heading into the afternoon it is trading just below 1.0500

  • The move back above the 10-day MA at 1.0488 has eased downward pressure

  • Resistance @ the 21-day MA @ 1.0555 and break would suggest bottom forming

  • Key will be mood in equity markets through the day

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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