Intra-day market moving news and views
Update Time: 13 May 2021 05:30GMT
EUR/USD - 1.2080. The single currency is nursing loss after day's selloff in NY. Euro swung wildly in hectic NY trading as, despite intra-day fall fm 1.2144 in Europe to 1.2071 in NY morning after upbeat US CPI data, the price briefly jumped back to 1.2152 b4 tanking to 1.2066 near NY midday as a decline in U.S. stocks (benchmark S&P 500 closed down 2.15% at 4,062) prompted broad-based safe-haven USD's buying.
As euro's fall from Tue's fresh 10-week peak of 1.2181 to 1.2066 suggests recent upmove fm 1.1705 (Wed) has made a temp. top, downside bias remains for weakness twd 1.1999 (38.2% r) after consolidation, therefore, selling euro on recovery is the way to go. Offers are tipped at 1.2085/95 with stops abv 1.2115 while bids (profit taking) are touted at 1.2060/55 with stops below 1.2045.
No economic data is due out from the euro area countries as many European markets are closed for Ascesion Day market holiday, therefore, the euro may probably move narrowly until NY morning.
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