FXMarketAlerts Team
FXMarketAlerts
Published at 09:53 (GMT) 01 Sep
Short covering has been the main feature on EUR/USD this morning despite the soft PMI data, while some of the fast money is actually going long, reasoning that the ECB is not going to introduce any new measures on Thursday given that the most recently announced moves don't start until mid-month. We doubt that ambitions are particularly high to the upside with offers already heard in the 1.3180/1.3200 area. In the meantime we have heard from SNB Chairman Jordan over the weekend with the usual affirmation of the 1.20 EUR/CHF floor as being key to policy. That should help keep any revisit to last week's low off the menu, although with the current Ukraine situation the upside is going to be limited too. PB
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