MUFG trade of the week: Sell EUR/USD

<p>MUFG Research adds a new short EUR/USD position to its trade of the week portfolio targeting a move towards 1.0770, with a stop at 1.1160. </p><p>"We have instigated a short EUR/USD trade idea to reflect the potential bias favouring yield and hence the dollar over the short-term," MUFG notes.
"So far in August, EUR/USD has struggled to sustain levels over 1.1000 and yesterday after the CPI print in the US was another example. </p><p>The resilience of US yields in the face of another positive CPI data print points to ongoing US dollar support over the short-term," MUFG adds.</p><p>For bank trade ideas, <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&amp;source=gmail&amp;ust=1691862527074000&amp;usg=AOvVaw1t6Oa06ilVRKJWVYcvTlRA">check out eFX Plus</a>. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&amp;source=gmail&amp;ust=1691862527074000&amp;usg=AOvVaw1t6Oa06ilVRKJWVYcvTlRA">Get it here</a>.

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This article was written by Adam Button at www.forexlive.com.