19 Jun 2014
EUR/USD: Strength dependent on USD weakness - OCBC
FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, shares his view on the EUR/USD after the dovish FOMC, noting that strength will be dependent on wide spread US Dollar weakness.
Key Quotes
"While the EUR may have caught a tailwind from dollar weakness from overnight, note that the Financial Times quoted the IMF calling for the ECB to consider QE. As such, resolute follow through beyond 1.3600-1.3630 before the 200-day MA (1.3667) may have to be dependent on wide spread dollar weakness while initial support is expected at 1.3550."
Key Quotes
"While the EUR may have caught a tailwind from dollar weakness from overnight, note that the Financial Times quoted the IMF calling for the ECB to consider QE. As such, resolute follow through beyond 1.3600-1.3630 before the 200-day MA (1.3667) may have to be dependent on wide spread dollar weakness while initial support is expected at 1.3550."