Forex Flash: EUR/USD would trade between 1.2800 – 1.3000 into year end – Rabobank
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EUR/USD
FXstreet.com (Barcelona) - After today's tops above 1.3010 on Greece's deal, the sentiment around the bloc currency has started to die off, dragging the cross to levels below 1.2920 at the same time that strong US data were intensifying the downside.
Jane Foley, Senior Currency Strategist at Rabobank, argues "EURUSD had already travelled higher from the USD1.2850 area at the end of the week aided by optimism that a deal was on the cards for this week. For the final weeks of the year the EUR is likely to remain contained by the poor economic backdrop in the Eurozone and concerns about the precarious economic position of Spain. That said the remaining weeks of the year are set to be dominating by talk over how the US will deal with its fiscal crisis& We expect the EURUSD1.28 to 1.30 range to contain most activity in the final weeks of the year".
Jane Foley, Senior Currency Strategist at Rabobank, argues "EURUSD had already travelled higher from the USD1.2850 area at the end of the week aided by optimism that a deal was on the cards for this week. For the final weeks of the year the EUR is likely to remain contained by the poor economic backdrop in the Eurozone and concerns about the precarious economic position of Spain. That said the remaining weeks of the year are set to be dominating by talk over how the US will deal with its fiscal crisis& We expect the EURUSD1.28 to 1.30 range to contain most activity in the final weeks of the year".
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