View: EUR/USD to resume mid-term downtrend, add to shorts on any s/t blip higher
Thanks to some encouraging words from Draghi in early August the EUR found decent traction in financial markets, rallying nearly 1.9% in trade weighted terms over the past month. And as ever the improvement has led to a flurry of more bullish EUR calls from analysts, anticipating decisive action from Eurocrats, specifically the ECB where at tomorrow’s meeting the consensus seems to be there will be clarity on the touted bond purchase programme, which would naturally be good for the single currency. Furthermore the market has had the prospect of more QE from the Fed to lean on which in the past has been generally good for that other currency heavyweight (using the term very loosely), reinforcing all this intellectual front running.
Full report below…
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