EUR: Limit Room for Retracement; Staying Structurally Bullish On Improving M-T Flows – Nomura

Nomura FX Strategy Research remains comfortable with its ECB call to announce a tapering plan at the next meeting on 7 September.

“No clear message from the ECB and President Draghi on the tapering announcement in September may slow the momentum of EUR appreciation, after recording a new highs. However, Mr Draghi’s benign view on the recent EUR appreciation should limit room for retracement, in our view.

The latest flow picture also shows an improving medium-term flow picture and thus, we keep our structural bullish view on EUR,” Nomura argues.

Source: Nomura Securities Research

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