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Euro more stable against USD - BTMU

FXStreet (Barcelona) - Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ sees the euro being more stable against the US dollar so far during November as there has since been little follow through to the downside for EUR/USD after breaking below the 1.2500-level.

Key Quotes

“It may reflect increasingly elevated short positioning highlighting that the euro is oversold in the near-term leaving us wary that it may stage a temporary relief rally.”

“Investor expectations are also high that the ECB will ease monetary policy further before year end which may be disappointed.”

“For the euro to resume its downward descent against the US dollar it will likely require a fresh catalyst. The main economic data releases in the week ahead will be the euro-zone GDP report for Q3 and preliminary PMI surveys for November.”

“The euro maybe undermined if the outlook for economic growth proves to be even weaker than expected strengthening the case for further ECB monetary easing.”

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