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

FXStreet (Edinburgh) - EUR/USD is trading on the lower band of the intraday range around 1.2515/20, depressed by the poor results from the PMIs in the euro area.

“While we still expect EUR/USD to gradually edge lower in the coming months, we highlight that sentiment and stretched speculative positioning levels provide potential for short-term moves higher. We do, however, firmly believe in an eventual stronger dollar and we would consider to sell on rallies”, suggested Sverre Holbek, Senior Analyst at Danske Bank.

In addition, FX Strategist at OCBC Bank Emmanuel Ng noted “With EZ-specific news flow out of the limelight for now (apart from the periodic official chatter threatening further policy action if needed), the EUR-USD may continue to ply a familiar 1.2450-1.2600 range in the near term”.

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