Intra-day market moving news and views
Update Time: 14 July 2021 05:30GMT
Despite intra-day sellof to 1.1793 after release of 'hot' US inflation data, euro staged a short-covering bounce to 1.1832 but only to tumble to session lows of 1.1773 as U.S. yields rallied. As yesterday's break of prev. July's 1.1782 low suggests correction from 2021 bottom at 1.1705 (March) has ended, price is en route to re-test this level especially if J. Powells sounds less dovish in his 2-day semi-annual testimony before the Senate.
Therefore, selling euro on recovery is the way to go, offers are tipped at 1.1795/05 n more above with stops touted above 1.1840. Bids are noted at 1.1770/60 with stops below there.
Eco. data in the euro area countries is very light with EU's industrial production being he only data due out. Market in France is closed for Bastille Day holiday.
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