[EUR] The moderate Euro 2021 0624

EUR/USD four-hour chart, source:FXDD.com

cf. [EUR] Euro in the Roller Coast 2021 0622

Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss.

The rebounding currency pair EUR/USD tries to break through 120 expoential moving average in the one-hour chart since yesterday. And the pair which succeeded to exceed 20 moving average in the four-hour chart attempt to reach and break through the upper band of the Bollinger Bands in the four-hour chart, too.

The diving was eased and it moved into the Bands in the daily chart, and the upward trend line succeeded to support the falling euro. Gjallarhorn expects the moderate rising of euro.

James Bullard, President of the Federal Reserve Bank of St. Louis spoke, the economy went well than expectation and the tapering should be prepared at the forum last Friday. Mr. Bullard seemed to switch his position to hawkish.

Fed Chair Jerome Powell testified at the House of Representatives on Tuesday and tried to ease the market 's concern. He acknowledged the inflation pressure but he emphasized the inflation pressure would be eased.

But another hawkish member of Fed, Raphael Bostic the President of the Federal Reserve Bank of Atlanta spoke the expected benchmark interest rate hike would be done in the late next year, and his comment made the market nervous. He said there would be the more hike of interest rate in 2023, too.

Due to the Bostic's hawkish comment, the U.S. short-term bond yields rose. The 2-yr bond yield rose 1.5bp to 0.253 percent.

And the Dollar Index tracking the greenback against the basket of the major six currencies retreated 0.02 percent to 91.827 yesterday.

German ifo Business Climate released today showed 101.8 which was expected 100.8 and was 99.2 in the previous month.

The FOMC still froze the benchmark interest rate zero to 0.25 percent last Wednesday. But Fed Chair Jerome Powell supported the tapering and the hike of the interest rate twice next year.

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