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30 Aug 2016

EUR/USD succumbs to pressure of rising treasury yields

Bid tone around USD gathered pace following a rise in treasury yields, courtesy of which Monday’s rebound proved to be short lived. EUR/USD is now trading lower on the day around 1.1170 levels.

Trades below 38.2% Fibo

The currency pair rose to 1.1192 levels before falling below 1.1181 (38.2% of 1.1616-1.0911) levels as the two-year treasury yield, which tracks short-term rate hike bets, erased early losses to trade at least one basis point higher on the day.

The common currency jumped to a high of 1.1208 levels yesterday as the two-year yield dropped by five basis points post release of the data which showed savings rate jumped in July for the first time since March.

EUR/USD Technical Levels

Acceptance above 1.1181 (38.2% of 1.1616-1.0911) could yield a test of 1.1219 (5-DMA + 100-DMA). A violation there would open doors for 1.1264 (50% of 1.1616-1.0911). On the other hand, breakdown of previous day’s low of 1.1158 (previous day’s low) would expose 1.1139 (50-DMA). Further losses could run into strong support of 1.1113 (200-DMA).

 

Aug 30, 2016

AUD/USD – Offered at trend line resistance

The bullish tone in AUD/USD once again ran out of steam around technical hurdle at 0.7576 – rising trend line coming from May 30 low and July 27 low.
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Aug 30, 2016

Japan’s Abe adviser calls for MOF to intervene in FX

Japanese PM Abe’s adviser Hamada is urging Ministry of Finance (MOF) to intervene in the FX markets says a Reuters report. Dollar-Yen pair flirted wi
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