17 Feb 2015
EUR/USD sell rallies to 1.1500 – Westpac
FXStreet (Edinburgh) - Strategists at Westpac still recommend selling EUR/USD on strength towards the 1.1500 area.
Key Quotes
“Potentially firmer Eurozone PMIs this week, building on recent signs of stabilization, may admittedly give EUR a boost toward 1.15, as would a grudging deal to maintain funding for Greece for the next few months”.
“But we suspect these gains will prove fleeting and favour selling any such strength”.
“The onset of ECB sovereign QE in less than month and rising Fed rate hike risks as soon as mid-2015 surely likely to be far more consequential for the exchange rate”.
“Price has dropped back into the range amid lacklustre momentum. Only a close above 1.1534 would imply a trend reversal. Sidelines”.
Key Quotes
“Potentially firmer Eurozone PMIs this week, building on recent signs of stabilization, may admittedly give EUR a boost toward 1.15, as would a grudging deal to maintain funding for Greece for the next few months”.
“But we suspect these gains will prove fleeting and favour selling any such strength”.
“The onset of ECB sovereign QE in less than month and rising Fed rate hike risks as soon as mid-2015 surely likely to be far more consequential for the exchange rate”.
“Price has dropped back into the range amid lacklustre momentum. Only a close above 1.1534 would imply a trend reversal. Sidelines”.