EUR futures: further downside unlikely
|According to CME Group’s advanced data for Thursday on open interest in EUR futures markets, traders scaled back their positions by nearly 1.2K contracts vs. Wednesday’s final 435,048 contracts, recording the second straight day with falling open interest.
EUR-Bulls need motivation to extend gains
EUR/USD seems to have found some decent contention in the 1.1380/70 band for the time being, although it still remain unable to re-visit recent tops near 1.1490. Recent news regarding the possibility that the ECB could announce some tapering at the September meeting seems to have found no echo in traders, leaving any potential catalyst for the next move to the US data releases due later in the day.
Activity in the futures markets continued to see flattening open interest against the backdrop of a sideline theme in prices, which could imply the idea that further consolidation is expected, at least in the very near term.
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