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12 Dec 2014
- Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained and noted that EUR/USD is still trading within yesterday’s range and well off its December 8th low of 1.2247.
Key Quotes:
“Fundamental data was not particularly encouraging, with Eurozone industrial production up just 0.1%m/m, Spain’s CPI fell –0.5%y/y, Italy’s CPI was up 0.3%y/y and France’s current account deficit narrowed to –0.9bn."
"There is some focus on Greece, however we don’t see this as a major driver of the currency. Next week’s highlight will come from the release of CPI, expected to come in at 0.3%y/y. We expect EUR to trend lower into 2015."
"EUR/USD short‐term technicals: mixed—warning of an environment that is shifting and puƫng near‐term short EUR trades at risk. Support lies at recent congestion and the 9‐day MA at 1.2372; while resistance comes in at the recent high of 1.2495."
Key Quotes:
“Fundamental data was not particularly encouraging, with Eurozone industrial production up just 0.1%m/m, Spain’s CPI fell –0.5%y/y, Italy’s CPI was up 0.3%y/y and France’s current account deficit narrowed to –0.9bn."
"There is some focus on Greece, however we don’t see this as a major driver of the currency. Next week’s highlight will come from the release of CPI, expected to come in at 0.3%y/y. We expect EUR to trend lower into 2015."
"EUR/USD short‐term technicals: mixed—warning of an environment that is shifting and puƫng near‐term short EUR trades at risk. Support lies at recent congestion and the 9‐day MA at 1.2372; while resistance comes in at the recent high of 1.2495."