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Credit Agricole:USD rally an overshoot - eFXnews

FXStreet (Łódź) - The eFXnews team comment that Credit Agricole considers USD's recent rally an overshoot and keeps its ong EUR/USD position entered on 10 October.

Key quotes

"As our credit strategist succinctly described the FOMC statement earlier this week, 'less dovish is not necessarily more hawkish'."

"The robust Treasury performance post-FOMC suggests bond investors take a similar view, contrasting with the strong USD rally."

"Does this USD rally then constitute an overshoot? We think the answer is ‘yes’ and are maintaining our long EUR/USD position entered on 10 October."

"Indeed, given the strong inverse relationship evident in daily correlations between EUR/USD and US Treasuries in recent weeks, the absence of an associated Treasury sell-off should be interpreted as a warning to EUR/USD bears."

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