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The Global Macro Pulse

In FX, EUR continued to inch lower to 1.312 ahead of Thursday’s ECB meeting.

EURUSD: With the Thu/Fri bounce occurring in a clear three wavecorrective manner a new trend low

With the initial wave-1 complete (part of an expected 5-wave rally to ~1.15),

Bounced off the 103.50 pullback and now broke bull flag resistance. 103.56 marked the low of wave-4 or wave-a of 4;

Focus will be on European and Asian data with the US closed for Labour Day.

German Bund yields ended the day practically unchanged as the Euro area inflation came down to a new cyclical low just as expected.

Bulls took comfort in the spike above the $1292.4 previous resistance and the 21 & 100-DMAs Thursday,

The pair started this morning at $0.9329, just below the $0.9340 NY Friday close to start the new week and

The sequence of higher daily lows last week resulted in a close well above the 21-DMA Friday

The correction lower from the failed attempt at the $1.3220 level gathered steam Friday with the bearish close around

The Riksbank made a significant move in July, partly as actual inflation hadundershot the target heavily for too long and

Following on from fresh 2014 and 11 month lows in NY Friday, euro-dollar started this morning at $1.3138 and