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Feb 06 - 09:48 AM
EUR/USD: Likely To Get Below 1.13 As GBP/USD Drifts Lower - SocGen
First appeared on eFXplus on Feb 06 - 08:30 AM

Societe Generale Research summarizes some of its recent views on G10 FX.

"The lack of political or data drivers, and the Lunar New Year, mean that the equity market is probably the dominant market driver for now. And the bias amongst investors seems bullish. Of US equities and more so of emerging market debt, which is being hoovered up with the enthusiasm of New Year Sales hunters in the days before on-line shopping and Black Friday," SocGen notes. 

"Overall, we're looking for EUR/USD to get below 1.13 and in the process, GBP/USD will go in drifting lower. There's no meaningful news on Brexit and that's bad news. The same old unsaleable Brexit deal remains the only one on the table. We still like NOK/SEK and think there's another leg down to come in USD/CAD. And when the current pause comes to an end, the year's primary FX trend, the gradual turn lower by the dollar, should resume. The big challenge will continue to be the dearth of attractive currencies to sell it against," SocGen adds. 

Source:
Société Générale Research/Market Commentary

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