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Sep 2, 2014
EUR/USD: 1.3020 here we come - BBH
FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted that the EONIA was fixed below zero for the first time last Thursday before popping up on Friday, reflecting month end pressures, before being fixed yesterday below zero.
Key Quotes
"The EONIA curve is consistent with a 10-15 bp rate cut on Thursday."
"A little more than 20.5 bln euros were drained at today's 7-day main repo operation. The German and Dutch 2-year yields remain below zero as well."
"France joined this exclusive club yesterday, but its 2-year yield is slightly positive today. The market appears set to take out the $1.3100 area. We look for a move toward $1.3020 before the ECB meeting."
Key Quotes
"The EONIA curve is consistent with a 10-15 bp rate cut on Thursday."
"A little more than 20.5 bln euros were drained at today's 7-day main repo operation. The German and Dutch 2-year yields remain below zero as well."
"France joined this exclusive club yesterday, but its 2-year yield is slightly positive today. The market appears set to take out the $1.3100 area. We look for a move toward $1.3020 before the ECB meeting."