EUR/USD (Danske Bank) : The attention is already turned towards the ECB, but the reaction to the Forex market should remain limited




Danske Bank note that the attention of the Forex is already turned towards the ECB meeting next week.

«With an economic calendar light for the rest of the week, the markets are turning their attention towards the ECB meeting next week.

We are anticipating an extension of QE in nine months to a pace of 30mds per month.

In terms of Forex, we do not expect any reaction significant of EUR/USD on the announcement of the ECB, as we have already observed, an adjustment in the Forex market during the summer. So we continue to see EUR/USD oscillating around current levels over 1-3 months, with risk slightly skewed to the downside, with the Fed expected to raise rates in December and the positioning of speculative seems to be stretched to the purchase, according to data IMM.

We target EUR/USD at 1.17 to 1 month and 1.18 to 3 months. «



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