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Oct 19 - 10:55 AM

EUR: Supported By The Recovery Of The Eurozone Money Market Rates; Staying Long EUR/JPY - Credit Agricole

By eFXdata  —  Oct 19 - 09:30 AM

Credit Agricole CIB Research maintains a long EUR/JPY exposure targeting a move to 134.50.

"The EUR has recouped some lost ground vs the USD and the GBP of late while extending its recent gains vs the JPY. We think that part of the recovery is driven by the recent recovery of the Eurozone money market rates," CACIB notes. 

"Looking further ahead, however, our view remains that the ECB policy normalisation plans (expected to be announced in December) should make the EUR a less attractive funding currency without triggering a sharp selloff in the Eurozone stock markets or the high-yielding EGBs. We thus stick with our long EUR/JPY trade idea," C ACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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