Forex Flash: EUR/USD targets 1.2660 - UBS

The UBS analyst team informs that they open a new recommendation short EUR vs. long USD at current spot 1.3010 with a target at 1.2660. "Our stop-loss on that position is 1.32", they say. "This position should profit from increasing confidence in the US economy".

"On Thursday strong initial claims and a good stock market supported the USD. On Friday a full load of US data releases including CPI and University of Michigan consumer sentiment have the potential to do the same", UBS says.