- Analytics
- News and Tools
- Market News
- EUR/USD setback on a stalling EU recovery plan – OCBC
EUR/USD setback on a stalling EU recovery plan – OCBC
FXStreet reports that much optimism has been priced in the EU meeting to discuss the virus recovery fund on Friday and any signs of stalling may see the common currency pare back on gains. Terence Wu, an FX strategists at OCBC Bank, prefers to sell EUR/USD on rallies prior to the event.
“The European Union leaders' discussion on the virus recovery fund is scheduled for Friday. Merkel is optimistic that it will be agreed by July, but the discussions should reveal how much support it really has. Recent EUR positivity is, in part, stemmed from optimism that this recovery fund can be pushed through. Any sign of delay should lead the market to pare back on recent EUR gains.”
“Expect the EUR/USD pair to be implicitly heavy into the event risk, with 1.1300 potentially capping. Prefer to sell on rallies, with 1.1200 expected to attract.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
