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FOREX: Yield Incline Helps EUR/USD Reject 200-dma for a Third Session

FOREX
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An hour out from the London fix and the greenback has gained a little further in FX space, helping press the major pairs to new intraday lows in recent trade. The comfortable re-taking of the Y150.00 level in USD/JPY is helping, led by the recovery in US yields and the show above last week's highs for the US 10y yield.

  • As a result of the USD strength, EUR/USD has failed in it's attempt to retake the 200-dma resistance, which held well at 1.0872 in not just Asia-Pac trade - but also on intraday rallies across Thursday and Friday.
  • GBP remains among the session's poorest performers, as had been the case this morning, with BoE's Greene's observations in the FT doing little to move the currency in either direction - she sounded relatively balanced in noting that "The risk of higher than expected consumption is that companies pass on costs more easily, buoying inflation and requiring restrictive monetary policy for longer. The risk of weaker consumption is below-target inflation, necessitating more rapid rate cuts. Given these risks, I believe a cautious, gradual approach to monetary easing is appropriate."
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An hour out from the London fix and the greenback has gained a little further in FX space, helping press the major pairs to new intraday lows in recent trade. The comfortable re-taking of the Y150.00 level in USD/JPY is helping, led by the recovery in US yields and the show above last week's highs for the US 10y yield.

  • As a result of the USD strength, EUR/USD has failed in it's attempt to retake the 200-dma resistance, which held well at 1.0872 in not just Asia-Pac trade - but also on intraday rallies across Thursday and Friday.
  • GBP remains among the session's poorest performers, as had been the case this morning, with BoE's Greene's observations in the FT doing little to move the currency in either direction - she sounded relatively balanced in noting that "The risk of higher than expected consumption is that companies pass on costs more easily, buoying inflation and requiring restrictive monetary policy for longer. The risk of weaker consumption is below-target inflation, necessitating more rapid rate cuts. Given these risks, I believe a cautious, gradual approach to monetary easing is appropriate."