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EUR/USD Through Weds High, Nears 50% Retracement of Weekly Range

EURUSD
  • EUR/USD improving through yesterday's highs to extend the bounce off the mid-week low to close to 70 pips. Spot is now within range of the 50% retracement for the weekly range, and a show above this mark could accelerate a further recovery.
  • USD weakness coming despite the inching higher of the 10y US yield off the morning low, as markets more closely follow the reversal in German yields, which have now fully undone the opening regional CPI-inspired dip.
  • Volumes are looking solid despite a quieter overnight Asia-Pac session, helping EUR futures post volumes around 30% ahead of average for this time of day.

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