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3 Oct 2013
Flash: Draghi endorses Euro strength, expect further appreciation - ANZ
FXstreet.com (Barcelona) - The EUR rallied on the absence of any new measures from the ECB, re-emphasis that the ECB does not target the exchange rate and Italian PM Letta's victory in the vote of confidence, notes Brian Martin, FX Strategist at ANZ.
Key Quotes
"We continue to forecast euro appreciation against GBP, JPY, AUD and NZD. We like being long the euro against Asian currencies as a theme given the uncertain backdrop but likelihood of future tapering from the Fed and the EU17’s strong BoP position."
"We expect Washington to agree a debt ceiling rise soon. That may lead to a snap back in the USD. Hence we prefer long EUR positions on the crosses."
Key Quotes
"We continue to forecast euro appreciation against GBP, JPY, AUD and NZD. We like being long the euro against Asian currencies as a theme given the uncertain backdrop but likelihood of future tapering from the Fed and the EU17’s strong BoP position."
"We expect Washington to agree a debt ceiling rise soon. That may lead to a snap back in the USD. Hence we prefer long EUR positions on the crosses."