EUR Trading Outlook (29-04-2015)
EUR/USD
Firm EUR crosses & CB (Asia, M/E) EUR/USD buys lift in Europe’s morning
NY opens ~1.0940, dips sub-1.0920 on early USD bid, dip bought
USD rally turns & broad based sales ensue even as US yields lift
EUR/USD tests >1.0990, offers into 1.10 & FOMC combine to halt lift
Only small pullback as pair near 1.0975 late in day
If Fed dovish 1.1060/70 likely breaks, 1.1175/85 then eyed
USD/JPY
USD/JPY holds dreary range by 118.94 Cloud base after poor US Conf data
Higher USD-JPY yield spreads offset by weaker stocks
Scant hope of BOJ QQE3 Thurs or by Jul; Oct still favored if CPI remains weak
EUR/JPY above 130.43 Cloud base; Greek fears recede, EUR shorts covered
GBP/JPY past down TL fm Dec, AUD/JPY past Mar hi & 38.2% of Oct-Feb drop