24 Sep 2013
Flash: EUR/USD pressured lower on Dovish Draghi rhetoric - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that despite the weekend German election news, subsequent dovish rhetoric from the ECB’s Draghi pressured the EUR/USD lower on Monday.
Key Quotes
“EZ PMIs meanwhile also came in slightly mixed to positive. Going ahead, German coalition politics may contain undue EUR upside while for today, look to the German Ifo for further domestic cues.”
“In the near term, we continue to stay constructive on the pair although an interim cap may kick in around the 1.3515 area if 1.3500 is tested. Downside support is expected towards 1.3450.”
Key Quotes
“EZ PMIs meanwhile also came in slightly mixed to positive. Going ahead, German coalition politics may contain undue EUR upside while for today, look to the German Ifo for further domestic cues.”
“In the near term, we continue to stay constructive on the pair although an interim cap may kick in around the 1.3515 area if 1.3500 is tested. Downside support is expected towards 1.3450.”