Kit Juckes, Strategist at Societe Generale, argues that the current Bund-Treasuries spread could be the main driver of the pair.
“Greek debt talks, stalled as the IMF pushes for less reliance on tax increases and a greater focus on pension reform, resume at noon UK time today and markets are in ‘wait and see’ mode”.
“The fall-out of the Greek negotiations is more likely to be felt in CEE currencies than inEUR/USD, which is still doing a good job of watching the Bund-Treasury spread more than the events in Brussels”.
“However, the conclusion is that if some kind of patched-up deal can be agreed, the focus will switch to next week’s raft of key US economic data and EUR/USD’s next move will be a function of ISM and NFP. Back, in fact, to business as usual”.
January 23, 2017 Japanese Yen is taking the heat
Looking at the daily chart of the Japanese Yen, we can see that the bullish engulfing has formed next to the 50% Fibonacci level, which has been broken on the weekly chart at the points of 125.853 and 98.935...
January 23, 2017 Main Macro Events This Week
President Trump has his feet under the desk in the Oval office and the tone of his inaugural speech and actions over the weekend reiterated his campaign themes to Make America Great Again...
January 23, 2017 UK stocks start the week on the back foot
The FTSE100 is under some selling pressure this morning and trading lower by around 40 points. The leading UK stock index posted its first weekly loss in over a month on Friday and has continued lower out the gate today. The pound is broadly higher on the day and has moved back above the 1.24 handle against the US dollar...
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