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16 Jul 2015
EUR/USD points to 1.08 near term – Societe Generale
FXStreet (Edinburgh) - According to Kit Juckes, Strategist at Societe Generale, expects spot to grind lower towards the 1.0800 neighbourhood.
Key Quotes
“2-year Euro swap rates are now at their lowest levels since May. Receiving Euros and paying dollars looks like a good rate trade after Janet Yellen’s comments and that sends my now hopeless ‘baby model’ of EUR/USD lower”.
“If we continue to see short-dated Euro rates fall, I think that will drag EUR/USD through the bottom of the current range, ie, we’ll break 1.009, moving on to test he May lows just above 1.08”.
Key Quotes
“2-year Euro swap rates are now at their lowest levels since May. Receiving Euros and paying dollars looks like a good rate trade after Janet Yellen’s comments and that sends my now hopeless ‘baby model’ of EUR/USD lower”.
“If we continue to see short-dated Euro rates fall, I think that will drag EUR/USD through the bottom of the current range, ie, we’ll break 1.009, moving on to test he May lows just above 1.08”.