SocGen favors short EUR/JPY through US elections as a low-risk way to position for the possibility of prolonged uncertainty, which could arise if the outcome of the election is too close to call and the possibility of legal challenges become a reality. "We won't know results until tomorrow anyway, and another afternoon of edgy markets seems likely. We favor short EUR/JPY as a low(ish) risk way to position through the event." Societe Generale currency strategist Kit Juckes says this morning's German factory orders could also add to downward pressure on EUR if there are signs that the euro zone's economic powerhouse is being sucked into the region's debt crisis. EUR/JPY is now at 102.41.
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