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Nov 21 - 10:55 AM

EUR/USD: Here Is Why EUR/USD May Have Already Peaked Shy Of 1.05 Last Week - Credit Agricole

By eFXdata  —  Nov 21 - 10:30 AM

Credit Agricole CIB Research discusses EUR/USD outlook and adopts a cautious bias on the pair around current levels.

"The EUR failed to benefit much from the broad risk-on tone that saw equity gains coupled with a sharp correction in energy prices on Friday.On the data front, another lofty German PPI is on the cards today, while this week’s flurry of Eurozone leading indicators for November could increasingly provide evidence that a recession will be hard to avoid, which could in turn limit the EUR’s appeal, especially as it will imply a difficult reality check by the ECB," CACIB notes. 

"Therefore, the EUR/USD rebound may have already peaked when it spiked just shy of 1.05 last week, as real rate spreads hint at some consolidation lower going into year-end," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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