Pretty firm support under USD/EUR at the .693 area...Any thoughts on potential impact on USD with the govt raising the debt ceiling this week. Our FX guy is telling me this should be bullish USD/EUR..but i just don't see it that way...
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idk i never experienced this before will def be interesting to see what happens
It'll likely be bullish USD/X, especially USD/EUR. It will ostensibly remove the risk that the US debt rating gets lowered and remove a cloud of uncertainty while PIGS issues still loom for Europe. I'm unsure how it could be anything but bullish USD/EUR.
What makes you think it won't be?
Technically it should. But in practical terms, we've observed the opposite: when the situation seems to worsen in Europe, EUR goes up, and the worse the US situation, the higher the dollar.
There is no apparent logic in behind, but the thing is, USD might very well budge down.
Agreed we may avoid a downgrade by Moody's etc...But the way I see it we are still fundamentally devaluing our currency relative to other commodities like Gold. Ever since osama was killed there was some USD bullishness against the Euro. Probably was a sign of the US's global strength. Purely psychologically I look at such a move by congress as a sign of weakness.
Europe is not devaluing their currency?
It's a race to the bottom, but atleast its solves the US immediate problems. Europe has not solved their's yet.
Technically it's a depreciation, provided that "devaluing" is linked to fixed currencies systems.
But if both currencies try to get lower facing the other, it's obvious that nothing will occur except inflation. Which seems not to be willing to come, that said ...
Can we never talk about "USD/EUR" again pls... tx!
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