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11 Feb 2013
Forex Flash: EUR/USD potential decline to 1.300 medium term – Rabobank
The single currency is recovering ground lost after ECB’s President M.Draghi talked down the recent appreciation of the cross, dragging it to the area around 1.3350 after February 1 tops above 1.3700
According to Jane Foley, Senior Currency Strategist at Rabobank, Spain, Italy and even Cyprus have the potential to interfere in any upside attempt of the euro in the near and medium term.
“That said, the pace of January’s rise in EUR/USD was faster than we had expected and left us concerned that the degree of investor optimism was out of kilter with economic developments. Over the next few weeks we expect a consolidative tone to be maintained in EUR/USD. However, news from Spain, Italy or even Cyprus has the capacity to create a deeper correction in EUR/USD over the coming months meaning that there is a good chance that EUR/USD1.300 will be seen again before the EUR musters up the energy to launch itself at 1.400”, concluded the expert.
According to Jane Foley, Senior Currency Strategist at Rabobank, Spain, Italy and even Cyprus have the potential to interfere in any upside attempt of the euro in the near and medium term.
“That said, the pace of January’s rise in EUR/USD was faster than we had expected and left us concerned that the degree of investor optimism was out of kilter with economic developments. Over the next few weeks we expect a consolidative tone to be maintained in EUR/USD. However, news from Spain, Italy or even Cyprus has the capacity to create a deeper correction in EUR/USD over the coming months meaning that there is a good chance that EUR/USD1.300 will be seen again before the EUR musters up the energy to launch itself at 1.400”, concluded the expert.