5 Dec 2014
EUR/USD should trade sideways until year-end - Commerzbank
FXStreet (Córdoba) - EUR/USD is expected to trade sideways until year-end according to Commerzbank analyst Ulrich Leuchtmann.
Key quotes
“EUR/USD yesterday corrected upward – despite the fact that ECB President Mario Draghi had significantly opened the door for a QE program in Q1 2015”.
“Market expectations obviously had significantly overtaken the ECB President’s willingness to deliver. Draghi delivered what was politically possible”.
“The fact that this wasn’t sufficient to keep pressure on EUR/USD shows that excessive EUR-short positions are restricting the down side. Until year-end this pair should trade sideways”.
Key quotes
“EUR/USD yesterday corrected upward – despite the fact that ECB President Mario Draghi had significantly opened the door for a QE program in Q1 2015”.
“Market expectations obviously had significantly overtaken the ECB President’s willingness to deliver. Draghi delivered what was politically possible”.
“The fact that this wasn’t sufficient to keep pressure on EUR/USD shows that excessive EUR-short positions are restricting the down side. Until year-end this pair should trade sideways”.