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EUR Trading Outlook (07-05-2015)

EUR/USD
• Choppy action in Europe morning, pair near 1.1225 into NY open
• ADP misses & sinks USD & Tsy yields, EUR/USD spikes higher
• Brief pause into 1.12 barrier but dips shallow & barrier breaks
• 1.1368 hit before dip, talk reserve bids 1.1320-1.1290, dip ~1.1316 bought
• Fed’s Lockhart dovish tip aids push to 1.1370, ~1.1350 late in day
• Short covering to persist ahead of NFP, if data weak more EUR/USD gains
• Test of Feb high likely on a soft US jobs report

USD/JPY
• USD/JPY fell below the Cloud as risk-off flows & soft US data dominated
• Yellen & Lockhart failed to calm run from long USD, stock & bond trades
• N225 futures breached the up TL from last Oct; Japan returns tonight
• 2-yr yld spreads highest since Mar 17, but due to USD selling
• EUR/JPY odd major gainer on crosses; short EUR squeeze relentless
• Next hurdles there in the 136.67-70 range

Back to EUR Trading Outlook Archive

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