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EURO and the likelihood of further declines – Rabobank

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EUR and the likeliness of further declines – Rabobank

EM strategist at Rabobank Piotr Matys believes that the single currency is heading towards lower levels after the latest report from the CFTC for the week ending July 19.

key Quotes

“The EUR net short positions increased further from 87.7k to 99.9k in the final week of July 19, according to the latest CFTC commitment of Traders report.”

“While the market is not as short as was the case earlier in the year, the underlying trend is clear as the vote Brexit can have negative consequences for the euro zone”.

“The selling pressure on the euro also exerted by monetary policy divergence between the ECB and the Federal Reserve.”

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