Things are likely to be "fairly uneventful" for the EUR/USD in Asia, but it will remain bid, says HiFX Senior Trader Stuart Ive. "With the Fed going to an unlimited time of quantitative easing, it (EUR/USD) can only go in that direction," he says. News that Egan-Jones downgraded its rating on U.S. government debt to AA- from AA on Friday, citing the Fed's plans to try to stimulate the economy, is also weighing on USD. Regarding event risk, he says markets will be focused on German's ZEW economic sentiment indicator, followed by PMI's later in the week. The pair is at 1.3123 early in New Zealand and Ive says it has support at 1.3060 and resistance at 1.3170.
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