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12 Aug 2013

Flash: Squeezing out those dollars – BMO

FXstreet.com (Barcelona) - Stephen Gallo, European Head of FX Strategy at BMO financial Group said “Although “squeezes” in any asset classes are typically counted on to be end-products of irrational positioning in one direction or another, their occurrence is sometimes very easy to rationalise on an ex-post basis”.

Key Quotes:

“The bottom line is that since May/June, bond markets have been either too illiquid, to hard to understand or too volatile for market participants to take a “safe” view on Fed monetary policy, so they’ve used the most liquid, best alternative to bonds in order to do so: foreign exchange”.

“…the piling up of long USD positions earlier in the summer in part explains why the shakeout of long USD spot positions thereafter has been so persistent, and at times, so intense”.

Aug 12, 2013

Flash: EUR/USD risk remains for short-term correction higher to 1.3417 – UBS

UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses.

Portuguese minister assures Portugal fully committed to budget goals

The Minister of Regional Development in Portugal Poiares Maduro said today that the country had agreed to carry out spending cuts worth 4.7 billion euros, as required by the Troika in exchange for bailout funds. According to previous reports the country´s government was considering reducing the spending cuts to 2 billion euros.