EUR/USD solid around 1.1290s as high US T-bond yields boost the greenback By christianborjon EURUSD Macroeconomics ECB Fed
US Treasury yields extend their weekly rally, with the 10-year closing to the 1.70% threshold.
EUR/USD has a downward bias in the near term, as the upward move stalled around the hourly 50, 100, and 200-SMAs, retreating below the 1.1300 figure. The EUR/USD extends its losses to two days, trading at 1.1292 at the time of writing. The greenback continues to benefit against the low-yielder euro by rising US Treasury yields, led by the 10s, the 20s, and 30s, rising between 5 to 7.5 basis points, sitting at 1.682%, 2.1180%, and 2.090%, respectively.
That said, the buck rebounded after dipping during the London fix, as low as 96.03, flat during the day, at 96.24. Despite the lack of movement of the greenback, market participants begin to position for at least three-rate hikes as portrayed by US money market futures, expecting the first lift-off once the bond-taper ends by March of 2022.
In the meantime, Neil Kaskari said that he nows sees two rate hikes in 2022. He expects the first rate hike to be met after the April 2022 economic data is released, signaling his support for a May rate hike.The EUR/USD 1-hour chart shows that bears are in control, as portrayed by the simple moving averages residing above the spot price. Indeed the aforementioned stalled the upward move from 1.1276 up to 1.
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