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Forex Flash: A dollar bid seems likely to end the week - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the US equity market ended soggily after being strong during the day.

However, overnight, softer Chinese PMI numbers have helped dampen the already soggy risk sentiment. He writes, “The prospect of spending cuts coming into force tonight unless a last-minute deal can be reached between Democrats and Republicans is probably enough to keep risk appetite subdued. Juckes feels that this translates into a modest bid for USD and he is looking for a continued test of EUR/USD 1.30, as well as some upward pressure on USD/CAD and downward pressure on AUD.

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