8 Jan 2016
EUR/USD looks to NFP for direction – Danske Bank
FXStreet (Edinburgh) - Chief Analyst at Danske Bank Jakob Christensen assessed the prospects of the pair ahead of today’s Non-farm Payrolls in the US economy.
Key Quotes
“EUR/USD moved higher yesterday, thus defying the ongoing sell-off in equities and oil”.
“What does this tell us? First, the falling oil price sends equities lower as risk appetite is impaired as the latest oil drop seems largely demand-driven. Second, EUR/USD is currently negatively correlated with both risk appetite and oil”.
“The former suggests that the single currency is increasingly regarded a funding (safe-haven) currency; the latter underlines that the historically close co-movement of oil and EUR/USD is challenged, one reason for this being that the weaker oil price now benefits the eurozone relatively more than the US”.
“Thus, an oil price that is set to stay 'lower for longer' in fact boosts the potential for
Key Quotes
“EUR/USD moved higher yesterday, thus defying the ongoing sell-off in equities and oil”.
“What does this tell us? First, the falling oil price sends equities lower as risk appetite is impaired as the latest oil drop seems largely demand-driven. Second, EUR/USD is currently negatively correlated with both risk appetite and oil”.
“The former suggests that the single currency is increasingly regarded a funding (safe-haven) currency; the latter underlines that the historically close co-movement of oil and EUR/USD is challenged, one reason for this being that the weaker oil price now benefits the eurozone relatively more than the US”.
“Thus, an oil price that is set to stay 'lower for longer' in fact boosts the potential for
Jan 8, 2016
USD/JPY firmer, extends above 118.00
The greenback is now looking to consolidate the break above the 118.00 handle vs. the Japanese currency, taking USD/JPY to the 118.40/45 area...
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Jan 8, 2016
United Kingdom Trade Balance; non-EU came in at £-2.45B, above expectations (£-3B) in November
United Kingdom Trade Balance; non-EU came in at £-2.45B, above expectations (£-3B) in November
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