26 Mar 2015
EUR/USD 1.1070 next? – SG
FXStreet (Barcelona) - According to Societe Generale, today’s Euro area money supply numbers might have a catalytic effect on EUR/USD and push the pair towards 1.1070 levels.
Key Quotes
“Ahead today we have Euro Area money supply figure that will probably show continued modest improvement and may be enough to propel EUR/USD towards 1.1070, the next upside target.”
“Private sector loan growth adjusted for securitisations will be the main focus. This has picked up to a modest 0.5% y/y in January from a low of -2% y/y and will probably have edged higher.”
“In real terms, this is already the strongest rate of growth since 2009, but remains far away from the peak growth rate of over 10% in real terms back in 2007. A straw in the wind, a swallow signalling economic summer or just a sign that things aren't getting any worse? Our bias is towards the last of these but we haven't finished flushing out Euro shorts yet.”
“No new news on Grexit fears, beyond growing realisation that the cash crunch could come in the second week of April -i.e, after Easter.”
Key Quotes
“Ahead today we have Euro Area money supply figure that will probably show continued modest improvement and may be enough to propel EUR/USD towards 1.1070, the next upside target.”
“Private sector loan growth adjusted for securitisations will be the main focus. This has picked up to a modest 0.5% y/y in January from a low of -2% y/y and will probably have edged higher.”
“In real terms, this is already the strongest rate of growth since 2009, but remains far away from the peak growth rate of over 10% in real terms back in 2007. A straw in the wind, a swallow signalling economic summer or just a sign that things aren't getting any worse? Our bias is towards the last of these but we haven't finished flushing out Euro shorts yet.”
“No new news on Grexit fears, beyond growing realisation that the cash crunch could come in the second week of April -i.e, after Easter.”