As just noted in the previous update on Gold, US yields are rising a bit today and that has helped the dollar to win back some ground it lost since this time yesterday. The EUR/USD started to take off yesterday afternoon as those US yields slipped again. The move started in earnest into the 4pm London fix and continued into the US close, where the EUR/USD ended the session at 1.0709. Earlier in the day it had traded as low as 1.0659. If you care to look at a short-term chart you will see it built a solid base around 1.0660 and that was the platform. The US yields did the rest. Well, earlier this morning, the EUR/USD edged to 1.0716, which is not exactly impressive really and any momentum just died and now it has slipped back to session lows as I write (1.0685). Of course the higher US yields are the dynamic behind that, but there is still little evidence of really serious buying out there. All the time the noted corrective barrier (at 1.0764) caps the topside, the market will keep trading from a tactical approach, grabbing short term limited gains still much characterising the price action. So there we have it folks- 1.0660 to 1.0760 until the levy breaks. The EUR/USD is just now trading at 1.0689
Another important number for the EUR/USD to focus on at 3pm GMT
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