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EUR/USD is the winner amongst market choppiness – SocGen

FXStreet (Delhi) – Kit Juckes, Research Analyst at Societe Generale, suggests that the overnight drop in oil prices has acted as a catalyst for EUR/USD to trade on top of the current range.

Key Quotes

“Within G3, the dollar remains the most vulnerable. The dovish and hawkish camps at the FOMC both seem keen to have their say to the media and the market sense that the doves hold the upper hand, isn’t really being challenged. That would take hard data.”

“The drop in oil prices has taken treasury yields back down again, towards but not to 2%, and tightening in the Treasury/Bund spread encourages EUR/USD to probe the top of the current range. 1.1460 is the key level and with speculative interest in selling EUR/USD non-existent, a test looks likely.”

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