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3 Jun 2015
ECB: EUR was not a feature today - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that the EUR did not feature highly this month in the ECB's meeting.
Key Quotes:
"The exchange rate was mentioned three times in his prepared remarks, but the language used was virtually identical to April’s edition."
"The Q&A session mirrored this general lack of concern, as the market focus there was squarely on interest rates. Indeed, the surge in bund yields appears to be the primary culprit behind the EUR’s broad-based gains today. Among G10 currencies, only the SEK and NOK have thus far managed to resist post-ECB declines against the EUR."
"For EUR/USD, we note that spot has traded above critical resistance at 1.1208. This level should now provide a supportive platform for the EUR as we approach key risk events, particularly Friday’s US employment report."
"Against a backdrop of mixed US economic data, continued EUR short-covering, and a seasonal tendency for market participants to reduce risk exposures, we think the EUR/USD’s period of consolidation within a broad 1.08-1.1450 trading range may extend further before the primary trend lower resumes."
Key Quotes:
"The exchange rate was mentioned three times in his prepared remarks, but the language used was virtually identical to April’s edition."
"The Q&A session mirrored this general lack of concern, as the market focus there was squarely on interest rates. Indeed, the surge in bund yields appears to be the primary culprit behind the EUR’s broad-based gains today. Among G10 currencies, only the SEK and NOK have thus far managed to resist post-ECB declines against the EUR."
"For EUR/USD, we note that spot has traded above critical resistance at 1.1208. This level should now provide a supportive platform for the EUR as we approach key risk events, particularly Friday’s US employment report."
"Against a backdrop of mixed US economic data, continued EUR short-covering, and a seasonal tendency for market participants to reduce risk exposures, we think the EUR/USD’s period of consolidation within a broad 1.08-1.1450 trading range may extend further before the primary trend lower resumes."