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EUR/USD a sell on rallies – Westpac

FXStreet (Edinburgh) - Strategist at Westpac Richard Franulovich recommended selling the pair on bullish attempts towards 1.08.

Key Quotes

“The already very well-worn theme of ECB-Fed policy divergence will no doubt be talked up ad-infinitum going into the Dec ECB and Fed policy meetings and until both are out of the way further material EUR downside looks compelling”.

“If anything EUR’s fall continues to understate the loss of yield support that has already taken place: EUR/USD for example is not yet close to testing its March 2015 lows at 1.0460 yet the 2yr bund-Tsy spread has fallen substantially beyond levels that prevailed then”.

“EUR/USD a strong sell on any bounce into 1.08. The ECB minutes next week should of course err on the dovish side and sustain pressure on EUR too”.

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