Intra-Day Market Moving New and Views
29 Sep 2014
EUR/USD - ..... Euro briefly fell marginally below Fri's NY low of 1.2677 to a fresh 22-month at 1.2667/68 in NZ as short-term specs bot the greenback broadly shortly after Mononday open following Friday's renewed weakness in NY session after upbeat revised U.S. GDP data, however, lack of follow-through selling lifted the pair to 1.2688 in Asia.
Looks like range trading is in store until European open as traders await release of EZ confidence index n German inflation data at 09:00GMT.
With Fri's release of CFTC report which showed net long usd positions hitting at 15-month high, selling euro on intra-day recovery is the way to go as recent losing streak is expected to continue.
Offers are tipped at 1.2690/00 n more abv with some stops touted abv 1.2730. On the downside, some bids are noted at 1.2670-60 with some stops below there.
Last week, ECB Governing Council member Luc Coene told a conference on Fri in Brussels the central bank be prepared to enact more stimulus measures if necessary to increase liquidity in the euro area.
Coene held out the possibility that the targeted-loan program that the ECB announced in Jun wouldn't be adequate to spur lending n stimulate the economy of the 18-nation euro area.
He said "if we estimate that it? insufficient, inevitably we will add other instruments at our disposal to increase the balance sheet of the central bank, if it's necessary."
Coene added he considered Sep's demand to be at predicted levels, n he expected it to be greater at the next operation in Dec.
"The fact that they didn't take a lot seemed to us more or less foreseeable in the month of Sep,"
"I think there will be more pronounced demand for the December offering."
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