BUZZ-COMMENT-EUR/USD investors are saying give peace a chance
Feb 13 (Reuters) - EUR/USD struck a 6-session high and traded above the daily cloud base and 55-day moving average, helped by favorable interpretations of strong U.S. PPI data and allowing euro bulls to lean on Russia-Ukraine peace hopes.
U.S. January headline PPI came in above estimates but after a brief rally yields US10YT=RR and the dollar softened. Subdued sub-components of PPI indicate key inputs into PCE inflation, the Fed's favored pricing gauge, are not rising as fast as headlines suggest.
German-U.S. spreads US2DE2=RR and terminal rate spreads for the Fed SRAM26 and ECB FEIZ5 tightened, which reduced the dollar's yield advantage over the euro.
EUR/USD bulls maintained control for the session despite President Donald Trump's latest tariff talk.
The Kremlin said Thursday it was impressed with President Trump's position on ending the war in Ukraine.
The increased hopes for peace in Europe rallied risk assets and the euro as well.
EUR/USD rally helped technicals signals highlight upside risks.
Rising daily and monthly RSI are not overbought, implying upward momentum is in place.
A February monthly bull hammer candle, which formed after a failed move below the 61.8% Fibo of the 0.9528-1.1276 rally, is a very bullish signal.
January's monthly high and the 1.0600/30 zone are impediments for longs. Should they give way, a big short squeeze could follow.
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