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Credit Agricole: EUR/USD to remain under pressure this week - eFXnews

FXStreet (Łódź) - The eFXnews team remark that Credit Agricole believes pressure on EUR/USD will continue this week following the release of Eurozone business sentiment data which is expected to have deteriorated further.

Key quotes

"Coming in the wake of the disappointing TLTRO take-up (EUR82.6bn versus consensus of around EUR125bn), such sentiment data can only support speculation surrounding a potentially more aggressive ECB policy move later this year."
"In an otherwise quiet data-week, comments from ECB governing council members including Coeure, Praet, and finally Draghi (Thursday) will be watched closely."
"We do not expect them to deliver anything new, the TLTRO result will likely be discussed."
"Thus, while we view the Fed as unchanged in its accommodative stance, such Eurozone-specific influence should see short-rate spreads widen pulling EUR/USD lower to test 1.28 this week."
"As we highlighted last week, if the ECB is truly now more keenly focused on improving Eurozone export competitiveness, the latest policy steps have been a success."
'This content has been provided under specific arrangement with eFXnews.'

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