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EUR/USD Long Position Cut At MUFG
Foreign exchange strategists at MUFG had recommended buying the Euro to Dollar (EUR/USD) with a target of 1.1050. It had based its long position on the move in yield spreads in favour of the Euro. The bank has, however, now changed its position following the stronger-than-expected US labour-market report and dropped the trade. Although the latest US jobs data was mixed, it considers that the data suggests that labour demand has not slowed as much as the bank had expected. It also considers that there is an increased risk of a hawkish policy update from the Federal Reserve this week. According to MUFG, there will be ... (full story)
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- Posted: Jun 16, 2024 10:36pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,150
