FXStreet (Łódź) - The eFXnews team comment that Credit Agricole expects the EUR to correct higher today if US NFP numbers for July fail to surprise considerably to the upside.



Key quotes



"EUR’s muted reaction to weaker than expected Eurozone July inflation indicates the currency may have reached oversold territory."



"Investors’ expectations for a constructive payrolls reading have been rising on the back of the most recent better than expected growth data."



"However, given high expectations it will be difficult to drive US short-term rates higher unless data surprises considerably higher."



"As a result to the above outlined conditions we argue against selling EUR/USD around the current levels. From a broader angle, however, rallies may still prove a sell."



'This content has been provided under specific arrangement with eFXnews.'



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD keeps falling, 1.08 on sight

  2. Forex News

    EURUSD Support and Resistance Update

  3. Forex News

    EUR/USD hits another session low of 1.0843

  4. Forex News

    EUR/USD drops to 1.0859

  5. Forex News

    USD/JPY Nears Extension Target, USD/CAD Holds Retest Level

Trading Center