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11 Mar 2014
Flash: GBP/USD stance remains bearish - Societe Generale
FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale, comments that the bearish outlook on the GBP/USD remains intact.
Key Quotes
"There isn't a lot on the calendar to excite us today. We expect to see a modest 0.3% gain in UK IP and manufacturing output, but all eyes will be on Mr Carney's testimony."
"No change to a long-term GBP/USD bearish view, just some comfort that this pair is showing signs of topping-out. In Europe, data continue to point to a modest economic recovery."
"Bunds (and OATs) remain attractive relative to Treasuries, but EUR/USD is doing nothing. With a mixed bag of second-division data due in the US, I doubt we will learn anything new."
"That leaves the Treasury market in limbo, the equity market in an up trend and the dollar under very mild downward pressure overall. USD/CAD's uptrend may pause for a few days, but we still like buying the oversold NOK versus EUR or if you want some insurance against events in the Ukraine, NOK/PLN looks like it is making a longer-term turn to the upside."
Key Quotes
"There isn't a lot on the calendar to excite us today. We expect to see a modest 0.3% gain in UK IP and manufacturing output, but all eyes will be on Mr Carney's testimony."
"No change to a long-term GBP/USD bearish view, just some comfort that this pair is showing signs of topping-out. In Europe, data continue to point to a modest economic recovery."
"Bunds (and OATs) remain attractive relative to Treasuries, but EUR/USD is doing nothing. With a mixed bag of second-division data due in the US, I doubt we will learn anything new."
"That leaves the Treasury market in limbo, the equity market in an up trend and the dollar under very mild downward pressure overall. USD/CAD's uptrend may pause for a few days, but we still like buying the oversold NOK versus EUR or if you want some insurance against events in the Ukraine, NOK/PLN looks like it is making a longer-term turn to the upside."