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Talking Forex Weekly Outlook: July 1, 2013

ByTalking Forex
Published 06/30/2013, 05:24 PM
Updated 07/09/2023, 06:31 AM

EUR/USD

Much of the attention this week will be on the looming ECB governing council meeting, where after seeing the effect that hawkish tone from the Fed has had on the sentiment, it looks increasingly likely that Draghi will do his upmost to downplay any removal of easy money polices. This view was also echoed by analysts at Goldman Sachs who in the note to clients stated that Draghi will likely take up a more dovish position and reiterate that the ECB remains in accommodative stance.

GBP/USD

All eyes will be on the newly appointed Carney this week who finally takes charge of the BoE. The pressure on the Canadian could not be any higher, but after a raft of better than expected macro economic data releases, expectations of a new program, which will likely entail some sort of forward guidance have diminished. As such, should the BoE announce a new program, the reaction will be very pronounced in the FX markets, as much as the bond market.

USD/JPY

For once, the attention will finally shift away from the Fed and the BoJ, and instead turn to the ECB, as well as the BoE, where the newly appointed Carney will be given a pleasure to conduct his first monetary policy meeting. Nevertheless, the pair is expected to remain a product of the risk on/off sentiment stemming from the growing expectations that the Federal Reserve will taper its QE program, which had supported the greenback in turn ensured that the pair edged back towards the key 100.00 mark.

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