Back
2 Jan 2015
Euro rapidly approaching June 2010 low of $1.1877 – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman shares the FX performance for majors, and suggests that the EUR/USD pair is rapidly approaching the June 2010 low of 1.1877 after it made a fresh low at 1.2035 levels.
Key Quotes
“The euro broke below the mid-2012 low to trade at $1.2035, rapidly approaching the June 2010 low of 1.1877. Euro-area final PMI manufacturing for December came in slightly lower at 50.6, but more significantly, Draghi made some more dovish comments during an interview to a German newspaper yesterday. He reinforced the ECB’s reediness to act and his concerns about deflation.”
“The New Zealand dollar is the weakest major currency on the day, falling to $0.7750 against the dollar, but still well within recent ranges.”
“The pound is also underperforming, falling to a 16-month low of 1.5470 after a weaker UK PMI figure for December, at 52.5 compared with 53.6 expected.”
“The dollar is back above the ¥120.0 level against the yen, in part supported by comments by BoJ governor Kuroda saying that the bank still has tools to meet the CPI target.”
“The Indonesian rupiah fell over 1% following a shockingly weak set of trade prints for December. Exports fell -14.5% y/y (exp. -4.5%) and imports were -7.3% (exp. +0.1%), leading to a -$426 mln trade deficit. The ruble is back on the defensive again, falling 1.0% against the basket.”
Key Quotes
“The euro broke below the mid-2012 low to trade at $1.2035, rapidly approaching the June 2010 low of 1.1877. Euro-area final PMI manufacturing for December came in slightly lower at 50.6, but more significantly, Draghi made some more dovish comments during an interview to a German newspaper yesterday. He reinforced the ECB’s reediness to act and his concerns about deflation.”
“The New Zealand dollar is the weakest major currency on the day, falling to $0.7750 against the dollar, but still well within recent ranges.”
“The pound is also underperforming, falling to a 16-month low of 1.5470 after a weaker UK PMI figure for December, at 52.5 compared with 53.6 expected.”
“The dollar is back above the ¥120.0 level against the yen, in part supported by comments by BoJ governor Kuroda saying that the bank still has tools to meet the CPI target.”
“The Indonesian rupiah fell over 1% following a shockingly weak set of trade prints for December. Exports fell -14.5% y/y (exp. -4.5%) and imports were -7.3% (exp. +0.1%), leading to a -$426 mln trade deficit. The ruble is back on the defensive again, falling 1.0% against the basket.”