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”.
December 9, 2016 Gold is tired of moving in the range
On the daily chart of gold, the bears remain control over the market. As long as quotes are below $ 1,195, their positions are not under threat. The update of the December low can lead to the continuation of downward movement towards $1,116...
December 9, 2016 Oil prices ignored bigger-than expected drop
After an Asian consolidation oil prices moved higher on Thursday. The price slightly grew and reversed the minor part of its losses. The benchmark approached 53.50 post-Europe open. The price stayed below the 50 and 100 EMAs in the 1 hour chart...
December 9, 2016 EURUSD Trades Below Significant Resistance
The Italian referendum weighed on EUR/USD, fell to a year low of 1.0506 on 5th December. It was followed a quick recovery, as a result of the rebound of the Euro after testing the significant support level at 1.0500. Yet it retraced after testing the significant resistance level at 1.0800...
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