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1 Jul 2014
USD seeks traction from Jobs data - BBH
FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes the greenback on the back foot and seeks out stimulus from data to bring it back into play.
Key Quotes
"Perhaps the US jobs number could also give the dollar some traction, but absent a huge upside miss (maybe 300k or more vs. 215k consensus), low UST yields are likely to continue weighing on the dollar. Retracement objectives for the euro from its May-June drop come in near $1.3690, $1.3750, and then $1.3800."
"With cable making new multi-year highs, we need to take a longer-term view. The next major retracement objective (50%) of the 2007-2009 drop in cable comes in near $1.7330."
Key Quotes
"Perhaps the US jobs number could also give the dollar some traction, but absent a huge upside miss (maybe 300k or more vs. 215k consensus), low UST yields are likely to continue weighing on the dollar. Retracement objectives for the euro from its May-June drop come in near $1.3690, $1.3750, and then $1.3800."
"With cable making new multi-year highs, we need to take a longer-term view. The next major retracement objective (50%) of the 2007-2009 drop in cable comes in near $1.7330."