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Noticias de trading
23 Apr 2015
Credit Agricole: EUR resilient despite Greece risks – eFXnews
FXStreet (Barcelona) - The Research Team at Credit Agricole, shares two key reasons behind the resilience in the EUR despite Greece related uncertainty doing the rounds, as noted by eFXnews.
Key Quotes
“EUR remains quite resilient against most G10 currencies despite lingering uncertainty about Greece.”
“One explanation could be that investors are willing to wait for a successful resolution with their confidence in the single currency seemingly boosted by improving EZ data. That said, the latest underperformance of EZ stocks and peripheral bonds seem to point at lingering market fears.”
“Another explanation for the EUR resilience could therefore be the unwinding of short-EUR hedges as foreign investors cut longs in EZ stocks and peripheral bonds. Recent indications that EURUSD risk reversals are trading softer and that the steady pickup in EUR forward points as well as the drop in the EURUSD basis swap rate have stalled seem to support the view. We conclude that the pressure on EUR could intensify yet again if market fears were to escalate.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“EUR remains quite resilient against most G10 currencies despite lingering uncertainty about Greece.”
“One explanation could be that investors are willing to wait for a successful resolution with their confidence in the single currency seemingly boosted by improving EZ data. That said, the latest underperformance of EZ stocks and peripheral bonds seem to point at lingering market fears.”
“Another explanation for the EUR resilience could therefore be the unwinding of short-EUR hedges as foreign investors cut longs in EZ stocks and peripheral bonds. Recent indications that EURUSD risk reversals are trading softer and that the steady pickup in EUR forward points as well as the drop in the EURUSD basis swap rate have stalled seem to support the view. We conclude that the pressure on EUR could intensify yet again if market fears were to escalate.”
This content has been provided under specific arrangement with eFXnews.