“According to the latest data, in August continued the downtrend. As in the past few months, more sensitive indicators of export manufacturing sector showed a weak trend that indicates a weakening of the trade flows of capital in the euro area.
All of this, paired with limited expectations for the ECB rate hike will help to keep the single currency under pressure.
Investors’ attention is shifted to the address by the President of the ECB, Mario Draghi at the annual symposium in Jackson Hole. Taking into account the still weak economic growth and sluggish dynamics of prices, it is unlikely to surprise a more aggressive stance on monetary policy.
In accordance with the foregoing, we are of the opinion that it is necessary to sell the EUR on the rise against the AUD and USD. »- Experts say Credit Agricole