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Euro lacking guidance - SG

Kit Juckes, Global Head of Currency Research at Societe Generale the euro lacking guidance, though not lacking a trend.

Key Quotes

“The only UK data for the day is already out, BRC like-for-like sales flat on a y/y basis. That's less bad than feared, but the pound awaits tomorrow's labour market data and Inflation Report for direction.”

“The euro too, is lacking guidance, though not lacking a trend. To say the lack of a meaningful short-covering rally is a surprise given the scale of negative sentiment and the market's positioning is unfair because puny bounces are the defining characteristic of this fall. ‘Sell rallies' is a hopeless recommendation and we are short EUR/USD.”

“We're not short of EUR/CHF however, where resistance to the SNB's peg breaking seems likely to persist. And finally, as for the US NFIB it should be ‘OK', up to 96.1.”

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