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31 Oct 2013
Flash: Overview post FOMC, testing times?– BBH
FXstreet.com (London) - Research teams at BBH said, for EUR/USD, we think a break of $1.36 (62% retracement of the October 16-25 rise for EUR) is needed to suggest that this is anything more than a corrective dollar bounce.
Key Quotes:
“On the other hand, cable is leading the move and has already broken the 62% objective from its October rise near $1.6035, which targets the Oct 16 low near $1.5900. Support near $1.6000 is holding for now”.
“The euro will have trouble gaining much traction if sterling is still weakening”.
“Elsewhere after the FOMC decision, the 10-year UST yields was up on the day and equities were down on the day. For the S&P 500, it narrowly avoided a close below Tuesday's low near 1763 that would signal an outside down day reversal”.
Key Quotes:
“On the other hand, cable is leading the move and has already broken the 62% objective from its October rise near $1.6035, which targets the Oct 16 low near $1.5900. Support near $1.6000 is holding for now”.
“The euro will have trouble gaining much traction if sterling is still weakening”.
“Elsewhere after the FOMC decision, the 10-year UST yields was up on the day and equities were down on the day. For the S&P 500, it narrowly avoided a close below Tuesday's low near 1763 that would signal an outside down day reversal”.