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21 Feb 2013
Forex Flash: EUR/USD skids lower as Cable collapses - OCBC Bank
Emmanuel Ng of OCBC Bank comments that EUR/USD skidded lower overnight amid the flurry of headlines in global markets.
He notes that the German chancellor also stated that the pair between 1.30-40 is “normal in the historical context of the euro”. He adds, “Note that any breach below the 55-day MA (1.3287) may light the way to 1.3200 intra-day with EZ PMIs later in the global day presenting further event risks for the pair.” Looking to GBP/USD he sees that the queasy pair collapsed through 1.53 on Wednesday with the BoE minutes showing that the MPC is potentially edging closer to further QE. He writes, “In the wake of overnight price action, we expect a certain degree of consolidation to be centered around current levels, although the underlying bias we believe remains negative.
He notes that the German chancellor also stated that the pair between 1.30-40 is “normal in the historical context of the euro”. He adds, “Note that any breach below the 55-day MA (1.3287) may light the way to 1.3200 intra-day with EZ PMIs later in the global day presenting further event risks for the pair.” Looking to GBP/USD he sees that the queasy pair collapsed through 1.53 on Wednesday with the BoE minutes showing that the MPC is potentially edging closer to further QE. He writes, “In the wake of overnight price action, we expect a certain degree of consolidation to be centered around current levels, although the underlying bias we believe remains negative.