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Nov 30 - 02:55 PM

EUR/USD: It's Just A Matter Of Time For A Move Towards 1.10 - Nomura

By eFXdata  —  Nov 30 - 01:30 PM

Nomura Research targets EUR/USD at 1.10 over the coming few weeks.

"We find more compelling macro and flow reasons for a move towards 1.10 to be on the horizon, it’s just a matter of time," Nomura notes. 

"Rate spreads suggest EUR/USD should be much lower (sub 1.10) and FX is still playing catch up. A global slowdown typically benefits USD. German new orders are in decline and with China slowing too it’s difficult to see why European growth should outperform. The euro area’s long-running trade surplus is in a steep decline, unlike last year when it was rising. In addition, there is the added uncertainty over rising Covid-19 cases, a new Covid-19 variant and restrictions," Nomura adds. 

Source:
Nomura Research/Market Commentary

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