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Stay bearish on the EUR heading into the ECB - BNPP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Research Team at BNP Paribas, sees further scope for a rebuilding of EUR shorts (currently at just -6 on a scale of +/- 50 according to our positioning indicator) and weakness in the EUR going into the ECB meeting, with EURUSD likely re-testing 1.05.

    Key Quotes

    “Comments from ECB’s Lautenschlaeger on Monday highlighted that not everyone on the Governing Council is on board for further easing but we think ECB President Draghi and the majority will remain focused on the subdued inflation outlook and deliver a cut in the deposit rate, an extension of the asset purchase programme and an increase in the monthly rate of asset purchases at the 3 December meeting.”

    “We However, ECB action in line with our expectations would more likely lead to a ‘buy the fact’ reaction, pushing EURUSD higher into year-end.”
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