Eur/usd Remains a Sell on Rallies

Eur/usd Remains a Sell on Rallies


Quotes from Societe Generale Cross Asset Research:
-There were reports today that Spain is to accelerate its EU bank bailout after it hit ECB collateral limits, while a possible EU intervention to support Spain still looms. This is contributing to maintaining 10Y Bono yields below 7.00%, and widening the 10Y BTP/Bonos spread. This is undoubtedly useful as it keeps yields at levels that would be acceptable for the Spanish Tesoro at its auctions.
-However, it does not address Spain's economic and budgetary troubles... Liquidity/financial issues versus economic/budgetary ones: this is now a well-known story in the eurozone debt crisis. For this reason, we think that any improvement in risk sentiment may be short-lived. FX-wise, EUR/USD remains a sell on rallies.

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