EUR Trading Outlook (20-04-2015)
EUR/USD
• Choppy European morning, 1.0738 to 1.0849 to 1.0790 into NY’s open
• Post-CPI action whippy, headline miss spikes up to 1.0849 again
• Core above f/c though, USD rallies, EUR/USD quickly down to 1.0734
• Most losses fade as USD drifts lower rest of session, 1.0800 late in day
• Light data next week, IMF w/e meeting & Eurogroup meet Apr 24 risks
• Technical’s & spreads suggest higher levels due, some eye 1.1030 area
USD/JPY
• USDJPY trades heavy on lower stocks; tech reversals in major indices
• US CPI beat-inspired rally fizzles agst 119.25
• Lowest close since late Feb, below trendline at 119.14 key break
• Mar 26 low at 118.33 next stop; Nikkei futures off 0.4%