MUFG Research exited its long AUD/NOK position, stayed long EUR/GBP, and added a new long EUR/USD position to its trade-of-the-week portfolio.
MUFG maintained a long EUR/GBP position with a target at 0.8700, and a stop at 0.8450. MUFG also opened a long EUR/USD position (spot ref: 1.0770), with a target at 1.1050, and a stop at 1.0570.
"We are recommending a long EUR/USD trade idea... The EUR has been supported by building evidence of strengthening cyclical momentum in the euro-zone economy which we expect to continue through this year as the negative energy price shock continues to fade.. At the same time, we are seeing more signs that the US economy could slow more going forward," MUFG notes.
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