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Flash: Euro stable as USD derives support from rising US yields - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the euro continues to remain relatively stable in the near-term with heightened investor expectations of the Fed tapering QE weighing only modestly upon EUR/USD.

He adds that there are no major market moving economic data releases scheduled in Europe today to test euro stability. Further, he sees that the US dollar is deriving support from rising US yields on the ¡ back of heightened expectations that the Fed will soon taper QE, with 10-year yields moving back above the 2.0%-level for the first time since mid-March. He sees that incoming economic data releases will be important to determine the timing of tapering although today’s releases of US house price data for March and consumer confidence for May is unlikely to materially alter tapering expectations and US dollar direction.

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