20 Nov 2013
Flash: EUR out of steam? - Nomura
FXstreet.com (London) - Jens Nordvig, Global FX Strategy at Nomura said we think the Euro uptrend, which has been in place since April, with few interruptions, is starting to look tired.
Key Quotes:
“…we have generally been avoiding short Euro trades for the last several months, based primarily on the persistent upgrading of Eurozone growth expectations and related equity inflows”.
“Importantly, we think the Euro uptrend, which has been in place since April, with few interruptions, is starting to look tired. There are several cracks appearing in the Euro’s otherwise resilient surface.
“We are still looking to be patient on USD trades (including EURUSD) given that we are not convinced that the US data picture is about to improve imminently, and given that the Fed is likely to do its very best to anchor short-rates as long as the data picture is mixed”.
“We are looking to get short EURGBP in spot on any spike towards 0.8400”.
Key Quotes:
“…we have generally been avoiding short Euro trades for the last several months, based primarily on the persistent upgrading of Eurozone growth expectations and related equity inflows”.
“Importantly, we think the Euro uptrend, which has been in place since April, with few interruptions, is starting to look tired. There are several cracks appearing in the Euro’s otherwise resilient surface.
“We are still looking to be patient on USD trades (including EURUSD) given that we are not convinced that the US data picture is about to improve imminently, and given that the Fed is likely to do its very best to anchor short-rates as long as the data picture is mixed”.
“We are looking to get short EURGBP in spot on any spike towards 0.8400”.