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EUR bearishness remains intact – Danske Bank

FXStreet (Edinburgh) - Chief Analyst Allan von Mehren at Danske Bank assessed the recent decline in the EUR/USD following the ECB dovish announcements.

Key Quotes

“The global FX market will digest the unexpected 10bp rate cut from the ECB, as focus turns to the US labour market report”.

“EUR/USD dropped below 1.30 for the first time since July 2013 and thereby reached our 1M target of 1.30”.

“While this has materialised a bit faster than we projected, as we did not expect the ECB to deliver a rate cut already at its September meeting, the case for a further decline in EUR/USD remains intact”.

“We expect that speculation about additional ECB easing measures will continue to weigh on European interest rates and the EUR, while a continuation of solid US data eventually will trigger a re-pricing of the first rate hike from the Fed”.

“Our economists have a strong call for today’s non-farm payroll figures expecting an increase of 260K – much above the consensus estimate of 230K. This might boost the USD further”.

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