EUR Trading Outlook (21-04-2015)

EUR/USD
• Under pressure in Europe’s morning as USD sees broad based bid
• Early NY sees dip near 1.0710, but dip bought, lifts near 1.0770
• Rally ignited by Dudley’s tip to rate hike timing being data dependent
• Spec offers cap rally & gains erode as USD & US yield lifts resume
• Near 1.0720 late in day, choppy range likely Tues as little data/event risk

USD/JPY
• USDJPY drifts modestly higher with US, Euro stocks
• Bears sold last week’s trendline break; lean against 119.50
• Markets very quiet absent meaningful US data until Friday
• Nikkei futures underperform on day; 20k cap for now
• Key reversal down in Shanghai; Asian stocks toppy

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