FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, shares his view on EUR/USD, noting that a heavy EUR-USD stance is still expected.
"Although German unemployment and CPI data did not ruffle any feathers on Thursday, note that the slew of August confidence indicators came in below prior expectations, with the 10y bund yield plumbing new lows (0.868%)."
"For today, expect all eyes to be on the EZ CPI print with investor nervousness towards expected to remain palpable in the interim (note EUR CHF testing yet lower on Thursday)."
"In the interim, our view remains unchanged and we stay the course with a heavy EUR-USD stance. The next visible support is expected at 1.3150 if the foothold at 1.3200 is lost."