#EURUSD @ 1.07232 : Buying dips below 1.06 targeting 1.0950 – Credit Suisse
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US January Consumer Price Index (CPI) data released yesterday were the week’s highlight. Economists at Credit Suisse continue along the path they have been on this year following the inflation figures.
“USD strength isn’t especially impressive. The constructive risk environment, muted interest rate differentials and unhelpful terms of trade shifts are likely factors behind the lackluster upward USD momentum.”
“This leads us to continue along the path we’ve been on this year, which in effect is range trading EUR/USD, aiming to buy dips below 1.0600 targeting 1.0950, looking for USD/JPY to move only slowly towards 125 rather than collapsing through that level quickly, selecting specific currencies like AUD that have some grounds for outperformance while also sticking to long-held carry plays like MXN.”
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