FXStreet (Edinburgh) – Richard Franulovich, Strategist at Wesptac, sees the bearish tone around the single currency gathering traction in the next weeks.
Key Quotes
“Meaningful downside momentum on EUR/USD remains hard earned but the milieu nevertheless looks more negative with each passing day”.
“Regardless of the yes/no outcome at this weekend’s Greek referendum, a major confidence shock is now percolating through the Eurozone, one that should show up in weaker confidence gauges in coming weeks”.
“US data trends meanwhile remain encouraging and our surprise index suggests that trend has much farther to run”.
“EUR/GBP sub-0.70 is beginning to appeal amid poor Eurozone atmospherics thanks to Greece and ongoing firming in the UK labour market”.
(Market News Provided by FXstreet)