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Nov 03 - 02:55 PM

EUR/USD: USD Hedging Costs Are 3% Again; EURUSD Could Push Towards 0.9650 On A Strong NFP - ING

By eFXdata  —  Nov 03 - 01:30 PM

ING Research maintains a bearish bias on EUR/USD over the coming weeks.

"The jump in US short-dated rates has widened the two-year differential between EUR and USD swap rates back to 210bp again - not far from the widest levels of the year. Equally, the shorter-dated yields now indicate that it will cost euro-based companies around 3% per annum to hedge the dollar using rolling three-month forwards - that is expensive," ING notes. 

"EUR/USD is gradually sinking back around 0.98 and we feel momentum could easily build for a push to 0.9650 tomorrow if US jobs and wage data do not slow as much as expected," ING adds. 

ING Research/Market Commentary


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