21 Aug 2013
Flash: Curious correlations on EUR/USD – UBS
FXstreet.com (Córdoba) - The UBS analyst team notes that the EUR/USD is behaving in a very unusual manner these days.
Key quotes
“EUR/USD is rising in an environment where stocks and some emerging market currencies look weak. This is a very unusual constellation, which is normally not persistent over a longer period”.
“Nevertheless, markets are clearing positions and some of that stream seems to hurt the long USD positions that have been built up earlier this year”.
“After a break of 1.3417 markets eye the next resistance of EURUSD, which is at 1.3520”.
Key quotes
“EUR/USD is rising in an environment where stocks and some emerging market currencies look weak. This is a very unusual constellation, which is normally not persistent over a longer period”.
“Nevertheless, markets are clearing positions and some of that stream seems to hurt the long USD positions that have been built up earlier this year”.
“After a break of 1.3417 markets eye the next resistance of EURUSD, which is at 1.3520”.