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13 Aug 2013
Flash: EUR/USD still focuses on 1.3400 upside – Westpac
FXstreet.com (New York) - Global FX Strategist Sean Callow at Westpac analyzes the short-term outlook of the EUR/USD.
Key quotes
In terms of the EUR/USD, “no news is good news for the euro, with the European summer doldrums helping, given the Eurozone runs a current a/c surplus.”
“A year ago the ECB was working on the OMT; this August looks more relaxing, even if plenty of dangers remain in the autumn. The 1.3400 target remains the initial focus, with 1.35 not out of reach. Our multi-week bias is to sell this rally but this week seems too soon.”
Key quotes
In terms of the EUR/USD, “no news is good news for the euro, with the European summer doldrums helping, given the Eurozone runs a current a/c surplus.”
“A year ago the ECB was working on the OMT; this August looks more relaxing, even if plenty of dangers remain in the autumn. The 1.3400 target remains the initial focus, with 1.35 not out of reach. Our multi-week bias is to sell this rally but this week seems too soon.”