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Nov 19 - 02:55 PM

EUR: A Lot Of Negatives In The Price - Credit Agricole

By eFXdata  —  Nov 19 - 01:30 PM

Credit Agricole CIB Research discusses the EUR outlook and see a scope for stabilization in the near-term.

"The recent EUR/USD collapse could usher in a period of more subdued levels in the coming weeks. We also think that a lot of negatives are already in the price of the EUR by now as confirmed by our analysis of FX positioning and short-term FX fair value. This much could help the currency stabilise vs the USD, GBP, JPY and CHF in the near term," CACIB notes.

"Next week’s Eurozone PMIs and the German ifo for November will be scrutinised for any evidence that the combination of soaring energy prices, a slowdown in China and the returning Covid pandemic have hurt business confidence some more. That being said, given that the EUR is starting to look oversold and undervalued again and we think that it would take significant data disappointments to push it lower across the board," CACIB adds. 

Crédit Agricole Research/Market Commentary


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