EUR/USD stays negative with the virus situation worsening – OCBC

Market news

15 October 2020

EUR/USD stays negative with the virus situation worsening – OCBC

FXStreet reports that FX Strategists at OCBC Bank sees the EUR/USD heading towards 1.17.

“Market participants, especially the equity guys, may finally price out the odds of US fiscal stimulus in the coming weeks. This should put a pause on any risk-on bias as the market runs out of positives for now. Moreover, the virus situation in Europe continues to worsen. Do not rule out a more defensive tilt as we approach the US elections, providing some support for the USD.”

“A near-term top may have been seen at around 1.1830, as the focus in Europe shifted to the containment of the second-wave virus spread.”

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