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Deepening banking woes? No growth for another year? Buy euros!

By Jamie Coleman  || July 1, 2009 at 12:37 GMT
|| 2 comments || Add comment

Some ugly headlines again today for the euro but Mr. Market is in reflation-mode, dismissing yesterday’s slide as month-end nonesense. We trade now at 1.4115 despite soft US employment data which would typically retrain the reflation trade. 1.4148/52 is solid resistance on rebounds. We have a shot at those levels if ISM shows improvement in June. 44.5 is expected, up from 42.8 in May.

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Category: All, Americas, Economy, Regions
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2 Responses to “Deepening banking woes? No growth for another year? Buy euros!”

  1. Blackday on July 1st, 2009 12:41 GMT

    EURUSD back through yesterday’s US con. conf drop like it was a distant memory. The random walk continues …

  2. Blackday on July 1st, 2009 12:51 GMT

    The ISM Index employment subcomponent is likely to be the real rattlesnake rattle today given the high correlation between it and NFP data. Yesterday Gerry said confusion reigns … today, erm, confusion reigns again.



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