24 Jul 2013
Flash: EUR/USD a sell north of 1.3300 – Westpac
FXstreet.com (New York) - Global FX Strategist Sean Callow at Westpac speculates the outlook of the USD/JPY and EUR/USD.
Key quotes
“It will take a lot of work for the EUR/USD to break the wide 1.2750/1.28 to 1.34 range. Our inclination is to sell the 1.33 handle as soft German data adds to concern over growth (note G20’s gloomier tone on EZ economy). But the Fed’s highly contingent tapering plan probably chips away at USD longs ahead of likely poor US GDP next week.”
“The LDP’s Upper House election was fully expected as shown by the muted Nikkei response. At the risk of missing the move, we wait for a dip in the USD/JPY back towards 97/98, perhaps helped by some softer US data (data pulse risks are tilted further lower.”
Key quotes
“It will take a lot of work for the EUR/USD to break the wide 1.2750/1.28 to 1.34 range. Our inclination is to sell the 1.33 handle as soft German data adds to concern over growth (note G20’s gloomier tone on EZ economy). But the Fed’s highly contingent tapering plan probably chips away at USD longs ahead of likely poor US GDP next week.”
“The LDP’s Upper House election was fully expected as shown by the muted Nikkei response. At the risk of missing the move, we wait for a dip in the USD/JPY back towards 97/98, perhaps helped by some softer US data (data pulse risks are tilted further lower.”