Intra-Day Market Moving News and Views
Update Time: 21 May 2020 04:30GMT
EUR/USD – 1.0963.. Despite resumption of recent upmove to a near 3-week high of 1.0999 in New York morning due to broad-based usd’s weakness on risk-on trades (the Dow gained 1.5%), euro retreated to 1.0958 as the greenback caught a bid in Asian morning following U.S. Trump’s tweet with his China bashing comments.
Intra-day retreat suggests recent upmove has possibly made a temporary top n range trading with downside bias is envisaged until European open.
Offers are tipped at 1.0985/95 with stops above 1.0800, more stops are reported above May’s 1.1018 high.
Bids are noted at 1.0960-55 with stops touted below 1.0850 and more below 1.0920.
Today is PMI day in the euro area, however, many European centres are closed for Ascension Day holiday, most notably Germany & France. Please refer to our Economic Indicators page for details. ECB board member Panetta will speak at online conference in Frankfurt at 07:35GMT.
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