FXstreet.com (Barcelona) - Nomura FX Team is finally taking profits off the table on its short EURUSD in spot since June 29 when the EU Summit generated a spike to 1.2670; "We are now looking to book profits on spot positions, at the current level around 1.22, for a 3.5% gain" the team says in a note to clients.
Nomura thinking is as follows: "We continue to think that the medium-term trend for EURUSD is down, as reflected in our revised target for EURUSD of 1.18 for end-Q3 and 1.15 by end-2012. But we are not convinced that we are about to see imminent acceleration to the downside from a trading perspective. We will be looking for fresh opportunities, potentially in relative value form as markets adjust further after a volatile Q2."
Nomura thinking is as follows: "We continue to think that the medium-term trend for EURUSD is down, as reflected in our revised target for EURUSD of 1.18 for end-Q3 and 1.15 by end-2012. But we are not convinced that we are about to see imminent acceleration to the downside from a trading perspective. We will be looking for fresh opportunities, potentially in relative value form as markets adjust further after a volatile Q2."
