Intra-day market moving news and views
Update Time: 04 May 2021 05:30GMT
EUR/USD - 1.2050.. Despite staging a strong rebound from Monday's 10-day trough of 1.2014 (Europe) to as high as 1.2075 in New York morning due to USD's weakness caused by release of soft US ISM mfg PMI n falling U.S. yields, the single currency inches lower due to renewed broad-based usd buying in holiday-thin Asian morning.
As said rebound on Mon suggests 1st leg of correction from last Thursday's 8-week peak at 1.2149 has ended, consolidation is in store before prospect of another fall to next daily chart obj. at 1.1994, therefore, selling euro on intra-day recovery is still favoured.
Order board is pretty thin with some offers tipped at 1.2065/75 with stops above there while bids are noted at 1.2050/40 with stops below 1.2035.
Economic calendar is very light in the euro area countries with France's budget balance being the only data due out. We have ECB Board member de Galhau scheduled to speak at a European Investment Bank conference at 07:30GMT.
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