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13 Aug 2013
Flash: EUR/USD heading further south – UBS
FXstreet.com (Córdoba) - Following another string of Eurozone and US data, EUR/USD extended losses to a fresh 8-day low. In this regard the UBS analyst team notes that the pair has scope to further downside.
Key Quotes
“The data front remains mixed. German ZEW business sentiment surprised slightly positive, signaling a continued, steady, but slow improvement of the economy”.
“In the US the retail sales statistics brought a similar slightly positive surprise for the core items”.
“The retail sales helped to bring EURUSD further down. From a technical perspective the bounce off the 1.34 was so clear, that the way south towards a dip into the 1.20ies seems to be the most plausible scenario in the near future”.
Key Quotes
“The data front remains mixed. German ZEW business sentiment surprised slightly positive, signaling a continued, steady, but slow improvement of the economy”.
“In the US the retail sales statistics brought a similar slightly positive surprise for the core items”.
“The retail sales helped to bring EURUSD further down. From a technical perspective the bounce off the 1.34 was so clear, that the way south towards a dip into the 1.20ies seems to be the most plausible scenario in the near future”.