2 Jul 2015
USD expected to gather further traction – Danske Bank
FXStreet (Edinburgh) - In the opinion of Christin Tuxen, Senior Analyst at Danske Bank, the greenback is poised to extend its upside momentum.
Key Quotes
“The USD strengthened modestly on Wednesday - not on Greece but on better-than expected data in the form of US ISM manufacturing survey and the ADP report”.
“This should pave the way for a positive non-farm payroll report today which we see at 230K”.
“Note that the IMF’s COFER data showed that reserve managers lowered their Q1 15 EUR-assets to the lowest since Q1 02 but this reflected the drop in EUR. Net of currency effects, reserve managers were in fact aggressive buyers of EUR in Q1, despite all the concerns about negative deposit rates in the euro zone”.
Key Quotes
“The USD strengthened modestly on Wednesday - not on Greece but on better-than expected data in the form of US ISM manufacturing survey and the ADP report”.
“This should pave the way for a positive non-farm payroll report today which we see at 230K”.
“Note that the IMF’s COFER data showed that reserve managers lowered their Q1 15 EUR-assets to the lowest since Q1 02 but this reflected the drop in EUR. Net of currency effects, reserve managers were in fact aggressive buyers of EUR in Q1, despite all the concerns about negative deposit rates in the euro zone”.