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23 Jun 2015
EUR/USD slipping to sub-1.10 levels in 1-month – Westpac
FXStreet (Edinburgh) - Strategists at Westpac see EUR/USD testing the area below 1.1000 in a month’s time.
Key Quotes
“Clear signs of fatigue and a lack of sponsorship in the 1.13-1.14 zone. Further downside beckons from here, sub 1.10 the target on a one-month horizon”.
“Lower Greek tail risks perversely may well prove to be a negative to the extent it prompts a resumption of EUR funded carry trades”.
“Fed Sep rate hike odds seem low too (35%) in light of comments from two centrist/consensus Fed voters - Williams and Powell - in favour of a Sep lift off date”.
“Multi-week uptrend structure remains in play but lacks a strong short term directional bias. 1.1450/1.1550 resistance will likely take time to overcome”.
Key Quotes
“Clear signs of fatigue and a lack of sponsorship in the 1.13-1.14 zone. Further downside beckons from here, sub 1.10 the target on a one-month horizon”.
“Lower Greek tail risks perversely may well prove to be a negative to the extent it prompts a resumption of EUR funded carry trades”.
“Fed Sep rate hike odds seem low too (35%) in light of comments from two centrist/consensus Fed voters - Williams and Powell - in favour of a Sep lift off date”.
“Multi-week uptrend structure remains in play but lacks a strong short term directional bias. 1.1450/1.1550 resistance will likely take time to overcome”.