While much has been made of the delay in the Fed’s “tapering” of QE, the FOMC’s policy trajectory stands in stark contrast to that of the ECB. Not only is the Eurozone central bank far from scaling back accommodation, but the recent drop in CPI below 1 percent hints more stimulus is likely ahead. The BOE’s guidance framework, with its defined “knockout” thresholds, likewise looks less dovish than the ECB. With that in mind, I am looking for actionable setups to short EURUSD below 1.38 and EURBGP below 0.87.
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