18 Nov 2013
Flash: EUR/USD well supported into week ahead - Danske Bank
FXstreet.com (Barcelona) - Danske bank strategists notes that EUR/USD was well supported last week and the cross is trading just around 1.35.
Key Quotes
“Friday night the so-called CFTC data were released. They showed that long EUR/USD positions where squared in the aftermath of the ECB rate cut the week before.”
“The data cover the week ending 12 November. Hence, the market had room to push EUR/USD higher when Yellen gave her dovish comments last week.”
“The data also reveal that the market was speculative short GBP going into the BoE meeting last week, which probably gave extra support to GBP when BoE moved a bit away from its dovish stance.”
Key Quotes
“Friday night the so-called CFTC data were released. They showed that long EUR/USD positions where squared in the aftermath of the ECB rate cut the week before.”
“The data cover the week ending 12 November. Hence, the market had room to push EUR/USD higher when Yellen gave her dovish comments last week.”
“The data also reveal that the market was speculative short GBP going into the BoE meeting last week, which probably gave extra support to GBP when BoE moved a bit away from its dovish stance.”