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10 Sep 2020

EUR/USD: Still looking for a test of 1.20 after ECB – Danske Bank

The European Central Banks, as expected, kept its monetary policy unchanged on Thursday. The EUR/USD jumped on headlines saying that the ECB agreed that there was no need to overreact to the euro gains, point out analysts at Danske Bank. They continue to expect a new test of 1.20, seeing 1.23 in three months. 

Key Quotes: 

“The impact of FX was downplayed in Q&A. Lagarde did say they had discussed FX’s impact on inflation but we take note that she did not mention they had concluded it was a major factor as such. This may be especially so as EUR strength is a natural consequence of more upbeat macroeconomic projections. We expect the debate about where spot is fixing and how it may affect ECB communication to subside from here on.”

“Upgraded macro forecasts and still few details about the strategic review leave EUR/USD to be set by the big picture for 2021. We continue to see a global recovery, activity at a pre-COVID level by mid-2021, a Brexit resolution and fairly benign global political situation (e.g. trade). Thus, risks appear tilted to the upside in EUR/USD and next week’s Fed meeting will likely provide a test of 1.20 in spot.”
 

Sep 10, 2020

EUR/GBP jumps above 0.9250, highest since March as tensions between UK and EU escalate

The EUR/GBP accelerated to the upside following another warning from Brussels to London regarding the Brexit treaty. The pair is trading slightly belo
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Sep 10, 2020

Gold Price Analysis: There has been a decent intraday break to the upside but the bulls are not in full control yet

As the dollar weakens slightly gold bugs are taking advantage to push the price of the yellow metal higher. The general risk sentiment in the stock ma
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