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EURO-DOLLAR
EURO-DOLLAR: Morgan Stanley entered a short EURUSD position at Thursday's
NY-Close targetting 1.1600, with a stop at 1.2420.
- Morgan Stanley suggest that "the broader trend of USD strength should
continue, particularly against low yielding currencies. Continued divergence
between US and European macro data should keep EURUSD trading lower. Positioning
in EUR remains long, suggesting more room for a pullback. President Draghi noted
that the downside risks to the macro outlook had increased, and that the ECB
would be monitoring the data closely. A continuation of the deceleration in
macro data would render EUR strength less tolerable to the ECB. A risk to the
trade is that European data rebound, supporting EUR."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com