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(M2) Correction Extends

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(M2) Corrective Cycle Remains In Play

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(M2) Gains Still Considered Corrective

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Nordea Go Short

EURUSD

Nordea note that "we are approaching "pain thresholds" for the ECB in eurozone fixed income markets e.g. Lagarde referred to 0% in the 10-Year GDP weighted bond yield in her Sintra speech in 2020. This is maybe the most concrete "pseudo" yield curve control target from the ECB, which so far only administrates YCC in an informal way. The ECB will accordingly be clearly more inclined to "easen up" compared to the Fed, not least as the Fed will be faced with actual inflation clearly above target in both core and headline terms in Q2. We decide to enter EUR/USD shorts with a target of $1.1750 with a stop-loss at $1.2220."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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