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7 Mar 2013
Forex Flash: Spanish auctions in focus ahead of ECB - Societe Generale
Kit Juckes, Global Head of Currency Strategy at Societe Generale highlights Spanish 2,5 & 10 year debt auctions this morning ahead of the ECB as being a point to monitor.
He feels that they should pass off ok in the current mood, and then the next step will be Draghi´s speech at 13:30 GMT, assuming no change in rates. He writes, “He has led the market a merry dance in his two meetings this year (hawkish in January, sending EUR/USD up, dovish in February, sending it back down). I expect a neutral/slightly dovish bias and remain bearish of EUR/USD.”
He feels that they should pass off ok in the current mood, and then the next step will be Draghi´s speech at 13:30 GMT, assuming no change in rates. He writes, “He has led the market a merry dance in his two meetings this year (hawkish in January, sending EUR/USD up, dovish in February, sending it back down). I expect a neutral/slightly dovish bias and remain bearish of EUR/USD.”