Intra-day market moving news and views

Update Time: 03 Jun 2021 05:30GMT

EUR/USD - 1.2210. Trading the single currency proved to be tricky in roller-coaster Wednesday's session. Although price met renewed selling at 1.2226 in Asia and fell steadily to 1.2165 in Europe, euro pared intra-day losses and rebounded to 1.2218 in New York morning due to renewed usd's weakness on the decline in U.S. yields.

As decline from this week's 1.2254 high (Tuesday) to 1.2165 yesterday signals choppy trading below May's 4-1/2 month peak at 1.2266 would continue, as long as 1.2254 holds, downside bias remains.

Offers are tipped at 1.2220/25 n more above with stops above 1.2265/70.

Bids are noted at 1.2190/85 n more below with stops below 1.2160.

Today is PMI day in the euro area countries (some regions in Germany are closed for the market holidays). Italy will kick off with Markit services PMI, then the same from France, Germany n the EU. Germany EcoMin Altmaier will speak at 07:00GMT n later at 13:45GMT, ECB board member Elderson will speak at a conference.

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