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Aug 25 - 09:55 AM

EUR: A Sell-On-Rallies; AUD: Long-Term Bulls And Looking To Go Long In Autumn/Winter - SocGen

By eFXdata  —  Aug 25 - 08:36 AM
Societe Generale Research discusses its bias on the EUR and AUD.
 
"Although European energy prices hit a new high this morning, the euro is marginally up on the day, and all the other European currencies are up against the euro. The news is bad, but not worse than expected. The coming weeks are more likely to see the situation remain bleak, than get any worse, and that in turn makes the euro a sell on rallies, but not necessarily a candidate for a huge move lower from here unless something changes,"SocGen notes.
 
"Our desire to get long AUD for the Autumn/|Winter is intact and AUD/USD is still below 0.70. Australia’s terms of trade out-performance vs the US persists. The more the Chinese authorities do to stabilize the economy with fiscal measures, and the less they use a weaker currency to help, the better for the AUD. We’re long-term bulls, vs the USD, but also against the European currencies," SocGen adds.
Source:
Société Générale Research/Market Commentary

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