EUR/USD turns positive as Trump lacks substance

Trump’s speech so far is high on rhetoric and low on substance. EUR/USD is thus in a recovery mode, now trading mildly positive on the day around 1.0580 levels.

It’s a campaign speech

The budget speech is sounding more like the campaign speech which is full of positivity, but is once again devoid of details.

No wonder, the treasury yields have backed-off from the session highs. The 2-year yield, which traded earlier today around 2.30%, now trades at 2.28%. Consequently, the dollar is losing height. The spot clocked a high of 1.0589 and was last seen trading around 1.0580 levels.

EUR/USD Technical Levels

A break above 1.06 (zero figure) would expose 1.0642 (38.2% of 1.0341-1.0829) and 1.0677 (Feb 17 high). On the downside, support is seen at 1.0577 (5-DMA) and 1.0565 (precious day’s low), under which a major support is seen at 1.05 (zero figure).