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- EUR/USD: Scope for a dip back towards 1.10 over another Fed disappointment in september - Danske
EUR/USD: Scope for a dip back towards 1.10 over another Fed disappointment in september - Danske
Danske Research discusses EUR/USD outlook and expects a dip back towards 1.10 in EUR/USD on 1-3M on yet another Fed disappointment in September.
"While it is difficult to predict whether the currency manipulator twist will continue over the coming weeks, the moves yesterday do provide a blue print of how to expect markets to react to such news. On the latter, Fed’s Bullard, a notorious dove, struck a hesitant tone on the need for further monetary easing despite the recent escalation in the trade war and deterioration in market sentiment. In that light, the market pricing about 30% chance of a 50bp Fed cut in September looks a bit aggressive and the recently added speculative short positions in EUR/USD look to be on safe ground for now. We see a potential for a dip back towards 1.10 in EUR/USD on 1-3M on yet another Fed disappointment in September," Danske adds.
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