23 May 2014
EUR/USD likely to fall further - UBS
FXStreet (Córdoba) - The UBS analyst team notes that Thursday’s Eurozone PMIs were in line with a weaker EUR/USD, and they expect the shared currency to fall further.
Key Quotes
"Positive surprises in the US and some negative surprises in Europe is the conclusion of the releases of Purchasing Manager Indices (PMI) on Thursday".
"The business climate improved to a PMI value of 56.2 in the US, while the European PMI fell slightly to 53.9. The downside-surprise was the manufacturing PMI, which fell in Germany to 52.9 and in France to 49.3, a value that indicates recession in the French industry".
"EUR/USD tested the lows after the release and is likely to fall further".
Key Quotes
"Positive surprises in the US and some negative surprises in Europe is the conclusion of the releases of Purchasing Manager Indices (PMI) on Thursday".
"The business climate improved to a PMI value of 56.2 in the US, while the European PMI fell slightly to 53.9. The downside-surprise was the manufacturing PMI, which fell in Germany to 52.9 and in France to 49.3, a value that indicates recession in the French industry".
"EUR/USD tested the lows after the release and is likely to fall further".