EUR/USD has been swinging in a relatively narrow range, not going anywhere fast. Where next?
Here is their view, courtesy of eFXdata:
Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and stays sidelined in cash.
EUR/USD jumped from 1.1570 to 1.1640 in a very short time as the preliminary migration deal was announced on Friday. Maybe markets used to German political brinkmanship and accustomed to that ending with Ms Merkel still in situ, will be reluctant to simply reverse the euro’s rise straight out of the blocks, but there’s nothing here to drive the euro significantly higher.
EUR/USD is in a 1.15-1.1850 range for now and the bottom of that range remains more vulnerable than the top for now,†SocGen argues.
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