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Forex Flash: EUR/USD ignores French concern while GBP extends decline – OCBC Bank

Emmanuel Ng of OCBC Bank notes a difference in sentiment between EUR and GBP ahead of tomorrows key central bank meetings.

He notes that EUR/USD may continue to shrug off French unease towards the common currency’s recent appreciation ahead of the ECB on Thursday. However, he suspects that the pair may meet with initial resistance towards 1.3715 while a fall below 1.3500 may see the pair consolidating further to 1.3475 before 1.3450.

Looking to Cable, he notes that the better than expected Jan UK services PMI failed to arrest the pair´s drop below 1.5700 on Tuesday and feels that the mood towards the pound may remain fragile going into the BOE MPC on Thursday. He writes, “Near term support levels are expected towards 1.5600/30 but these may prove fragile given that EUR-GBP remains comfortably above 0.8600.”

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Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the announcement that BOJ Governor will step down early, on March 19 (the same day as his two Deputy-Governors leave their roles) accelerates the change of guard at the BOJ and the introduction, he assumes, of a team sympathetic to PM Abe’s desire for a weaker currency.
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