EUR/USD falls back under 1.0850 as US yields rally, having rejected 21DMA in 1.0930s By Frank_Macro EURUSD ECB Fed
EUR/USD has reversed back from highs in the 1.0930s to under 1.0850, with the pair taking cues from yields spreads.
EUR/USD was supported in early European trade by hawkishness from the ECB VP, but reversed amid a US yields rally. With the pair having rejected its 21DMA, bears will be eyeing a near-term test of annual lows around 1.0750. Movements in yield spreads as a function of rhetoric from central bankers dictated the price action foron Thursday. Comments from the usually dovish leaning ECB Vice President Luis de Guindos earlier in the European morning regarding the possibility of lift-off in July sparked a rally in Eurozone yields that lifted EUR/USD has high as the 1.0930s.
However, since the start of US trade, US yields have gained upside momentum amid hawkish Fed chatter , triggering a reversal back below 1.0850. A solid US weekly jobless claims report, disappointing US Philly Fed manufacturing survey and slightly better than expectedWhere, at earlier session highs, EUR/USD had traded with on the day gains of about 0.75% and tested its 21-Day Moving Average, the pair now trades with modest losses of about 0.1% in the 1.0830s.
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