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23 Sep 2014
EUR/USD: Support at 1.28 increasingly tenuous - OCBC
FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, notes that 1.28 support in EUR/USD looks increasingly tenuous.
Key Quotes
"The ECB’s Draghi reiterated that the Bank stands ready to utilize “additional unconditional instruments within our mandate” to address risks to the inflation outlook while repeating his call for EZ governments to step up to the plate. For today, data risks may emanate from French GDP readings and the slew of PMIs on tap and investors may continue to fade upticks in the interim. The support at 1.2800 may look increasingly tenuous with the next subsequent waypoint expected at 1.2750."
Key Quotes
"The ECB’s Draghi reiterated that the Bank stands ready to utilize “additional unconditional instruments within our mandate” to address risks to the inflation outlook while repeating his call for EZ governments to step up to the plate. For today, data risks may emanate from French GDP readings and the slew of PMIs on tap and investors may continue to fade upticks in the interim. The support at 1.2800 may look increasingly tenuous with the next subsequent waypoint expected at 1.2750."