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Credit Agricole: EUR subject to continued downside risk - eFXnews

FXStreet (Łódź) - The eFXnews team remark that according to Credit Agricole recent downward pressure on the EUR/USD reduces the possibility of Mario Draghi striking a more aggressive tone at the press conference following ECB's interest rate decision on Thursday.

Key quotes

"All of the above stands in contrast to the US, where improving business activity should make a case of both further stabilizing price developments and additional room of rising Fed monetary policy expectations."

"Elsewhere, still underperforming European equities suggest that the risk asset-related capital flow situation continues to weaken."
"All of the above indicates that EUR/USD will stay subject to downside risk."

"Although elevated speculative short positioning is keeping position squaring-related upside risk high, we stay in favour of selling rallies."

"Accordingly we remain short the EUR against the USD as trade recommendations."

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