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EUR/USD may return to 1.2400 levels - OCBC Bank

FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank expects EUR/USD to return to the 1.2400 floor with a possibility of reaching the recent low of 1.2358.

Key Quotes

"The EUR-USD reverted lower within familiar ranges on Wednesday and investors may look to German October inflation readings for further cues. Structurally, the OECD characterized its latest leading indicator reading for the EZ economy as “growth losing momentum ” while the ECB’s Draghi stated yesterday reiterated that the Bank stands ready to take additional unconventional policy actions if inflation expectations do not pick up. In the interim, expect attention to return to the 1.2400 floor with the recent low around 1.2358 also in the vicinity."

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