Steady after closing up 0.25% with the USD off 0.2% as UST yields eased

Yield spreads tightened, 10yr bund -1bp 2.208%, 10yr UST -4bp 3.725%

ECB expected to cut 25bp next week and in Dec - uncertainty for 2025

Charts; daily momentum studies flat-line, 21-day Bollinger bands contract

5, 10 & 21-day moving averages coil - mixed signals show little bias

Well tested 21 DMA proved resilient this week - key technical support

A close above the 1.1100 21-DMA suggests the uptrend is back for next week

1.1100 1.415BLN, 1.1125 569mln and 1.1150 1.609BLN close strikes for Sep 6th

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