23 Jun 2014
EUR/USD: Neutral with bias toward further downside - RBS
FXStreet (Bali) - The RBS FX Team remains neutral on EUR/USD with a bias toward further downside.
Key Quotes
"This week’s data includes preliminary June PMIs and the German IFO. The ECB appears likely to be on hold for some time as it awaits the results of its Asset Quality Review (AQR) and the results of its new t-LTROs beginning in September."
"The PMIs have largely supported the ECB’s view of a gradual recovery in the Euro-area, but a disappointment on the margin could increase the chances of outright QE being announced sooner rather than later, particularly as CPI inflation remains significantly below target."
Key Quotes
"This week’s data includes preliminary June PMIs and the German IFO. The ECB appears likely to be on hold for some time as it awaits the results of its Asset Quality Review (AQR) and the results of its new t-LTROs beginning in September."
"The PMIs have largely supported the ECB’s view of a gradual recovery in the Euro-area, but a disappointment on the margin could increase the chances of outright QE being announced sooner rather than later, particularly as CPI inflation remains significantly below target."