Kay Van-Petersen
This week Global Macro Strategist Kay Van-Petersen of Saxo Capital Markets will be listening to three hawkish Fed speakers and Janet Yellen. However, Van-Petersen believes the main events this week are Flash PMIs (of which some have already been published this morning), Eurozone GDP prints and not least the US Flash PMI. On the central bank side Kay Van-Petersen is particularly keeping an eye on Bank of Canada and the Turkish Central Bank.
Trade view / 15 November 2012 at 10:29 GMT

Shorting EURGBP ahead of key resistance

Head of FX Strategy / Saxo Bank

A few highlights from this trade idea (see PDF attached to this post for full details):

  • The Euro got a boost on the recent hopes that Greece would be given a break on its debt and possibly as well on a simple positioning squeeze, particularly in the likes of crowded Euro/commodity currency shorts
  • Meanwhile, sterling has been punished as the BoE's King wouldn't rule out further asset purchases and complained a bit about sterling's strength and as the latest quarterly BoE Inflation Report showed reather dour growth and inflation forecasts for the coming year.
  • EURGBP has risen rather sharply on these developments, but the upside could fade ahead of the 200-day moving average as the EU issues are intractable and as the GBP still looks like a safer harbour for capital than Europe.

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