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4 Apr 2013
Forex Flash: Fade EUR/USD upticks pre ECB - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that with the pending ECB meet today, he retains a preference to fade any upticks with the pair content to keep its head above the 200D MA at 1.2892.
He feels that a continued failure to test higher may see a reversal back towards 1.2750 and then 1.2700. Looking to GBP/USD he adds that the pair managed to end higher on the day on Wednesday but this may well have been on the back of a broad weak dollar tone with the UK construction PMI improving less than expected. He writes, “Generalized expectations for a potential for further QE may limit strong GBP gains in the short term with a 1.5000-1.5400 band expected to hold.”
He feels that a continued failure to test higher may see a reversal back towards 1.2750 and then 1.2700. Looking to GBP/USD he adds that the pair managed to end higher on the day on Wednesday but this may well have been on the back of a broad weak dollar tone with the UK construction PMI improving less than expected. He writes, “Generalized expectations for a potential for further QE may limit strong GBP gains in the short term with a 1.5000-1.5400 band expected to hold.”