BNP Paribas: Euro/U.S. Dollar or Short-covering

On Wednesday (December 7) in Asian afternoon, the EUR/USD oscillated sideways around 1.3420. The exchange rate is below the 20-day moving average and the short term moving average indicator is bearish.

BNP Paribas said that before the weekend, the euro/dollar may show short covering, unless the EU summit fails to provide measures. In addition, it is worth cautioning that the ECB may unexpectedly implement large-scale easing measures on Thursday (December 8th), and the market is widely expected to cut interest rates by 25 basis points.

Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management, said that if the ECB cuts rates by 50 basis points, it will send a strong signal to the market that the European Central Bank will support whatever scheme is implemented, especially on Friday. Results of the EU summit. Finally, there will be some solutions, but it may not be in the actual market expectations.

The European Central Bank will announce interest rate resolutions on Thursday, and analysts expect to cut interest rates by 25 or 50 basis points. Earlier, European Central Bank President Mario Draghi hinted that the European Central Bank may raise bond purchases if the euro zone leaders agree with the new "fiscal union."

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