- (NL)
Netherlands Debt Agency (DSTA) sold €1.7B vs. €1.0-2.0B indicated range in 2.75% Jan 2047 DSL bonds; Avg Yield: 0.406% v 0.067% prior.
Looking Ahead
- (IL) Israel Apr Leading S Indicator M/M: No est v 0.5% prior.
- (EU) Daily ECB Liquidity Stats.
- 05:15 (CH) Switzerland to sell 3-month Bills.
- 05:30 (HU) Hungary Debt Agency (AKK) to sell 3-Month Bills.
- 05:30 (DE) Germany to sell €4.0B in 12-month Bulls.
- 05:30 (EU) ECB allotment in 7-Day Main Refinancing Tender (MRO).
- 05:30 (ZA) South Africa to sell combined ZAR3.9B in 2030, 2032, and 2035 bonds.
- 06:00 (UK) May CBI Retailing Reported Sales: 28e v 20 prior; Total Distribution Reported Sales: No est v 30 prior.
5/25/2021 1:47:50 PM GMT | By Pablo Piovano
EUR/USD retreats from new monthly highs near 1.2270.
German Business Climate surprised to the upside in May.
US Consumer Confidence next of relevance in the docket.
The buying pressure around the European currency stays well and sound and pushes
EUR/USD to fresh 4-month peaks in the 1.2265/70 band on Tuesday.
EUR/USD in 4-month highs
EUR/USD posts gains for the second straight session on Tuesday, extends the optimism seen at beginning of the week and at the same time breaks above the multi-session consolidative theme in place during most of last week.
The increasing selling bias in the greenback emerges as the exclusive driver behind the pair’s moderate upside, as investors look somewhat more convinced about the Fed’s commitment to keep the mega accommodative stance for the time being (thanks to recent Minutes, Powell and further Fedspeak).
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A better market mood helped the EUR trim its post-FOMC losses.
US Treasury yields were sharply down, backing stocks’ recovery.
EUR/USD trades near May’s high with a limited bullish momentum in the near-term.
The EUR/USD pair recovered the ground lost after the Fed Meeting’s Minutes, trading by the end of Thursday around the 1.2215 level. The market shrugged off the dismal mood ever since the day started, as most Asian indexes closed in the green, leading to gains among their European and American counterparts. Government bond yields retreated from weekly highs, adding pressure on the greenback.