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Forex: EUR/USD eases despite improving Spanish yields

By FXstreet.com,  January 02, 2013, 05:43:00 AM EDT

FXstreet.com (Barcelona) - The post data release effect is being seen on the EUR/USD chart, as the "risk on" sentiment is fading after the publication of Markit manufacturing PMI around Europe, with Germany and the EMU disappointing and falling to 46.0 (from 46.8 - consensus of 46.3) and 46.1 (from 46.2 - consensus of 46.3), respectively.

Despite the improving fixed income markets, with the Spanish sovereign 10-year yielding at March 20 lows, at 5.169%, the EUR/USD keeps on retracing daily gains down to 1.3233. The candlestick would only turn into a Doji if the market pulled back to the 1.3200 psychological level.

UBS analysts are bullish: "There is potential for a break above resistance at 1.3386 and extend the strength to 1.3493", wrote analyst Gareth Berry, pointing to support at 1.3159 ahead of 1.3093.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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