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28 Feb 2013
Forex Flash: Euro failed to break 1.30 and may be in a range - Societe Generale
Kit Juckes, Global Head of Currency Strategy at Societe Generale suspects that with the recent failure to break below 1.30, EUR/USD may be in a range between 1.30-3250.
He adds that he will be keeping an eye on Italian Bond yields, with 10 year yields back down a bit but at 4.75% but still remaining twice as high as any other G7 country’s and 35bp higher than they were last Friday. he finishes by writing, “GBP/USD probably has more shorts than EUR/USD and can squeeze higher too, but EUR/NOK would also move higher if Norwegian retail sales data are soft.”
He adds that he will be keeping an eye on Italian Bond yields, with 10 year yields back down a bit but at 4.75% but still remaining twice as high as any other G7 country’s and 35bp higher than they were last Friday. he finishes by writing, “GBP/USD probably has more shorts than EUR/USD and can squeeze higher too, but EUR/NOK would also move higher if Norwegian retail sales data are soft.”