Analysts at Nordera research offered some FX quickies for those of a tactical persuasion.
Key Quotes:
- “EUR/USD: range-bound with a downward bias. Wedge broke lower as a result of Italian politics. If 1.1510 doesn’t hold, 1.1448 is next. Below that the next support level is 1.1187.”
- “EUR/NOK: rising excess bank liquidity a seasonal problem for the NOK even as a first rate hike beckons. Shorts should stay away for a few more weeks.”
- “EUR/SEK: stuck in a wedge. We look for a break on the upside due to the Riksbank’s newfound focus on too-low services inflation. Core inflation will disappoint the coming week.”
- “EUR/GBP: Above 0.90 it could look interesting to be long GBP again from a risk/reward perspective. Bank of England seems to have a low tolerance for a weaker GBP.”
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