SocGen likes the US dollar but not against the euro
From Kit Jukes at Soc Gen:
"10-year real yield differentials point to a range-bound EUR/USD.
Today’s industrial production data are weak (-1.3% m/m in Germany) but I’m not sure that tells us anything new. Amid the volatility, the underlying trend is running at around 1% per annum, while at a Eurozone level, it’s running at around 1 1%, though showing signs of losing momentum. No reason there to buy the Euro, nut no new news either.
