7 Feb 2014
Flash: Euro corsses looking brighter - WIB
FXStreet (Guatemala) - Sean Callow, Westpac Banking Corporation ABN noted the outlook for EUR crosses looking brighter.
Key Quotes:
"A sharp jump in the EUR on the steady ECB and further improvement in EM FX sentiment were the highlights in London/NY. The Euro Stoxx 50 closed up 1.6% despite the ECB’s lack of easing hints while the S&P 500 closed up 1.2%."
"EUR/USD approached the press conference by ECB president Draghi near its session lows (around 1.3495) despite the confirmation of steady rates 45 minutes earlier. The steep rally kicked off promptly with his comments, extended as far as 1.3619 and eased only to 1.3590 by the Sydney morning (ECB details below). This is a big move given economists’ consensus of no change, pointing to sizeable short EUR positions. The short term outlook for EUR on crosses is now quite a bit brighter".
Key Quotes:
"A sharp jump in the EUR on the steady ECB and further improvement in EM FX sentiment were the highlights in London/NY. The Euro Stoxx 50 closed up 1.6% despite the ECB’s lack of easing hints while the S&P 500 closed up 1.2%."
"EUR/USD approached the press conference by ECB president Draghi near its session lows (around 1.3495) despite the confirmation of steady rates 45 minutes earlier. The steep rally kicked off promptly with his comments, extended as far as 1.3619 and eased only to 1.3590 by the Sydney morning (ECB details below). This is a big move given economists’ consensus of no change, pointing to sizeable short EUR positions. The short term outlook for EUR on crosses is now quite a bit brighter".