More EUR Weakness Ahead - Credit Agricole
0833 GMT [Dow Jones] More EUR lies weakness ahead, says Credit Agricole, as economic data will only serve to reinforce the single currency's overall downward trajectory. "The July German ZEW survey is set to decline further. The range of forecasts for this volatile survey is wide, between -10 to -30, with our forecast towards the lower end," says the bank. Additionally, "the plethora of negative news in terms of policy progress continues to dampen sentiment and hamper the EUR's ability to recover," it says. Although the potential for short covering remains high, a trigger for that is absent right now, it adds. Credit Agricole thinks EUR/USD will test 1.20 in the coming weeks. EUR/USD trades at 1.2298.
July 17, 2012 04:33 ET (08:33 GMT)
0833 GMT [Dow Jones] More EUR lies weakness ahead, says Credit Agricole, as economic data will only serve to reinforce the single currency's overall downward trajectory. "The July German ZEW survey is set to decline further. The range of forecasts for this volatile survey is wide, between -10 to -30, with our forecast towards the lower end," says the bank. Additionally, "the plethora of negative news in terms of policy progress continues to dampen sentiment and hamper the EUR's ability to recover," it says. Although the potential for short covering remains high, a trigger for that is absent right now, it adds. Credit Agricole thinks EUR/USD will test 1.20 in the coming weeks. EUR/USD trades at 1.2298.
July 17, 2012 04:33 ET (08:33 GMT)
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts