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3 Apr 2013
Forex Flash: EUR/USD to remain headline driven - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank believes that EUR/USD will remain headline driven in the near term ahead of Thursday's ECB meet.
He notes that the continued failure to challenge the 200D MA at 1.2888 and 1.2750, and 1.2670, may continue to beckon if the ECB turns increasingly cautious on Thursday. Moving to GBP/USD, he notes that yesterday´s manufacturing PMI reignited bearishness towards the pound, and also a higher EUR/GBP, and the services PMI and BOE meeting on Thursday are expected to present key event risks for the pair in the near term. He writes, “Expect a top heavy profile to persist within a 1.5000-1.5400 band.”
He notes that the continued failure to challenge the 200D MA at 1.2888 and 1.2750, and 1.2670, may continue to beckon if the ECB turns increasingly cautious on Thursday. Moving to GBP/USD, he notes that yesterday´s manufacturing PMI reignited bearishness towards the pound, and also a higher EUR/GBP, and the services PMI and BOE meeting on Thursday are expected to present key event risks for the pair in the near term. He writes, “Expect a top heavy profile to persist within a 1.5000-1.5400 band.”