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What’s the sentiment around EUR/USD today? – Danske Bank and OCBC Bank

FXStreet (Edinburgh) - The single currency is now attempting a recovery on Wednesday, lifting EUR/USD beyond 1.2650 ahead of US Retail Sales and Draghi’s speech.

Pernille Nielsen, Senior Analyst at Danske Bank, comments, “the USD seems to have consolidated and we there will probably be a period of range trading in both EUR/USD and USD/JPY. However, the case for a stronger USD remains intact from a fundamental point of view, and it should still be considered to buy USD on falls”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng added “the market’s working assumption currently is for the USD to strengthen broadly as the Fed’s taper terminates this month and the FOMC (and the market) mulls the timing of the first rate hike in 2015”.

Singapore Retail Sales (YoY): 5.4 (August) vs previous 5.5

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AUD/USD is back above 0.8700 after having touched the Asian low at 0.8674. The pair is trading at 0.8734 with 20 pips gain on the day so far.
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