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Thomson Reuters
Jan 11 - 05:00 AM
EUR/USD - Rates Undermine Foundations Of EUR/USD's Early 2019 Rally
First appeared on eFXplus on Jan 11 - 02:50 AM
  • EUR/USD saw a 1.1310-1.1570 rise between Jan 3 and Jan 10
  • Rally was driven by short-covering influenced by fear of U.S. rates cuts
  • Rates buck that idea since Jan 3 with yields rising as risk aversion eases
  • Fed funds prices out a cut and are now +2bp from a prior -16bp
  • US/DE 2/10 yr spreads widen 13bp. L-term pressure from rates still extreme
  • With short positioning adjusted high probability EUR/USD tops nL1N1ZA06A

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