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FX universe on hold ahead of FOMC – Danske Bank

FXStreet (Edinburgh) - The cautious trade seems to prevail in the global markets ahead of tomorrow’s key FOMC gathering, signaled Flemming Nielsen, Senior Analyst at Danske Bank.

Key Quotes

“The global FX market is likely to remain in wait-and-see mode today ahead of this week’s many important events, starting tomorrow with the FOMC meeting and minutes from the latest Bank of England meeting”.

“we lowered our 1M EUR/USD target to 1.29, while keeping our 3-, 6- and 12-month targets unchanged at 1.27, 1.26 and 1.25, respectively, as we still expect EUR/USD to fall near term on relative growth expectations and the EUR being the funding currency of choice”.

“In addition, there are increasing signs that the USD is becoming an ‘asset currency’ as the US simply delivers higher expected returns, whether one invests in equities, bonds or real estate”.

“We expect EUR/USD to stabilise on a six- to 12-month horizon as euro-zone deflation risks disappear and the growth differential between the US and euro-zone narrows”.

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