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16 Dec 2013
Flash : EUR/USD, buoyed by data – TD Securities
FXstreet.com (London) - Strategists at TD Securities noted that the Eurozone flash PMI’s were overall better than the market was anticipating, keeping the EUR well supported this morning.
Key Quotes:
“There are a number of data releases in the coming days in both Europe and the US that should make for some choppy price action in EUR/USD, as well as an EU leaders summit toward the end of the week, but the defining event for the pair this week should be Wednesday’s FOMC meeting”.
“With that in mind, ‘taper talk’ will certainly be in focus in the next few sessions, but European bank funding developments are also important to keep an eye on. After the larger than expected LTRO repayment last week, Euribor has continued to edge higher, lending additional support to spot EUR/USD”.
“We remain fundamentally bearish on the pair, but prefer to wait for clearer selling opportunities—perhaps closer to the turn of the New Year”.
Key Quotes:
“There are a number of data releases in the coming days in both Europe and the US that should make for some choppy price action in EUR/USD, as well as an EU leaders summit toward the end of the week, but the defining event for the pair this week should be Wednesday’s FOMC meeting”.
“With that in mind, ‘taper talk’ will certainly be in focus in the next few sessions, but European bank funding developments are also important to keep an eye on. After the larger than expected LTRO repayment last week, Euribor has continued to edge higher, lending additional support to spot EUR/USD”.
“We remain fundamentally bearish on the pair, but prefer to wait for clearer selling opportunities—perhaps closer to the turn of the New Year”.