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1 Nov 2013
Flash: Upset for the EUR/USD – BTMU
FXstreet.com (London) - Derek Halpenny, currency strategist at The Bank of Tokyo-Mitsubishi UFJ said the key event that has altered the recent trend of dollar selling versus the euro was the very surprise weakness of the HICP data from the euro-zone yesterday.
Key quotes:
“…when in our daily we stated that the ECB was currently not meeting its inflation mandate with inflation at 1.1% – that is even more so the case now after the modest 0.7% year-on-year print in annual inflation for October”.
“That was certainly the focus in the Asian trading session today and the euro has weakened modestly further after the selling yesterday”.
Key quotes:
“…when in our daily we stated that the ECB was currently not meeting its inflation mandate with inflation at 1.1% – that is even more so the case now after the modest 0.7% year-on-year print in annual inflation for October”.
“That was certainly the focus in the Asian trading session today and the euro has weakened modestly further after the selling yesterday”.