Credit Agricole: US NFP data to direct euro’s short-term trend - eFXnews

By FXstreet.com | August 01, 2014 AAA

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.'



comments powered by Disqus
Related Forex Analysis
  1. EUR/USD Doji Signals Bears Lacking Conviction At A Technical Barrier
    Forex News

    EUR/USD Doji Signals Bears Lacking Conviction At A Technical Barrier

  2. EUR/USD lies in wait at 1.2650
    Forex News

    EUR/USD lies in wait at 1.2650

  3. Asian recap: Aussie and Yen run the show, majors playing second fiddle
    Forex News

    Asian recap: Aussie and Yen run the show, majors playing second fiddle

  4. British Pound Could Close Out Week with a Bang on UK GDP
    Forex News

    British Pound Could Close Out Week with a Bang on UK GDP

  5. Highlights over next few days – Westpac
    Forex News

    Highlights over next few days – Westpac

Trading Center