5 Nov 2013
Flash: EUR/USD at risk of 1.34 - Westpac
FXstreet.com (Barcelona) - The bias for the EUR/USD is negative this week, according to Westpac FX Team.
Key Quotes
"ECB president Draghi’s press conference (Thu) should weigh on EUR on a couple of fronts: 1) his narrative on the economy is likely to tack on the more cautious side given spotty data trends of late, particularly the surprisingly low Oct CPI; and 2) he may massage the currency lower given it is near the levels that prompted similar such talk in Feb 2013."
"Momentum and positioning for the currency is looking increasingly extended, leaving the euro at risk of 1.3400. We can’t get much more bearish however, with the pair already 3 cents off the late Oct highs and US data unlikely to be very inspirational multi-day/week."
Key Quotes
"ECB president Draghi’s press conference (Thu) should weigh on EUR on a couple of fronts: 1) his narrative on the economy is likely to tack on the more cautious side given spotty data trends of late, particularly the surprisingly low Oct CPI; and 2) he may massage the currency lower given it is near the levels that prompted similar such talk in Feb 2013."
"Momentum and positioning for the currency is looking increasingly extended, leaving the euro at risk of 1.3400. We can’t get much more bearish however, with the pair already 3 cents off the late Oct highs and US data unlikely to be very inspirational multi-day/week."