Flash: EUR/USD downside on US Retail Sales – Danske Bank

FXstreet.com (Barcelona) - Danske Bank strategists feel that an upbeat US retail sales report today might trigger some USD support and some downside in EUR/USD could be seen.

Key Quotes

“As we highlighted in IMM positioning yesterday, the short covering in EUR/USD could be close to an end as positions once again have turned around in EUR/USD and investors are now speculative long EUR.”

“In respect of the timing of the Fed’s tapering, we still expect it to begin in September and we stick to our long-held view that USD will appreciate as a consequence.”