EURO-DOLLAR: Barbara Rockefeller of Rockefeller Treasury Services
maintains that the eurozone crisis "is real and big and will be
long-lasting." Nevertheless, this does not necessarily meant that the
euro is on a one-way street to revisit last year's lows near $1.2450.
"It 'should' do that, but not in a straight line," she says. That the
euro has not fallen further and appears to be finding underlying demand
on dips despite the denial and foot-dragging of EU officials has players
wondering what news would be needed for a larger sell-off. "The mind
boggles that the euro is holding up over $1.3000," Rockefeller says. She
says "less-bad news interpreted as good" may allow the euro to bounce
towards $1.3410-20, the 50% retracement of the drop from the April high.
She warns, however, to be wary of "bounces that start getting a life of
their own."
Provided by: Market News International
maintains that the eurozone crisis "is real and big and will be
long-lasting." Nevertheless, this does not necessarily meant that the
euro is on a one-way street to revisit last year's lows near $1.2450.
"It 'should' do that, but not in a straight line," she says. That the
euro has not fallen further and appears to be finding underlying demand
on dips despite the denial and foot-dragging of EU officials has players
wondering what news would be needed for a larger sell-off. "The mind
boggles that the euro is holding up over $1.3000," Rockefeller says. She
says "less-bad news interpreted as good" may allow the euro to bounce
towards $1.3410-20, the 50% retracement of the drop from the April high.
She warns, however, to be wary of "bounces that start getting a life of
their own."
Provided by: Market News International
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