EURUSD nearer 1,10 test with US yield curve flattening

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A strong signal indicating a cooling labor market was enough to weaken the US dollar sharply. The move can also be seen in the U.S. bond market, where we are seeing a progressive flattening of the curve. It is worth noting that a month ago the spread between 2-year and 10-year yields was 90 bps, and now it is 50 bps. Of course, we still have a negative 10Y-2Y spread and this is an indicator of a potential coming recession.

We are observing a flattening of the curve in the US. Will May's hike be the last and the Fed will start preparing for year-end cuts, allowing 2-year bonds to fall more? Source: Bloomberg

The gap between the 10-year and 2-year is clearly narrowing. If this continues, EURUSD may have more support to rise. Source: Bloomberg

EURUSD broke through 1.0900 today and was already near the 1.10 level. Previously, this level was quoted in early February, when the expectation of US hikes suddenly increased. Now we have the opposite situation. Source: xStation5

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