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May 15 - 09:55 AM

EUR: 3 Reasons To Sell In May And Go Away πŸ“‰ - Credit Agricole

By eFXdata  —  May 15 - 08:30 AM

⬇️ EUR/USD: 3 Reasons To Sell In May πŸ“‰

Credit Agricole believes the downward correction has further to run in the short term. This outlook is based on a 1- peaking EUR-USD rate spread, 2- a growing gap between the quality of Eurozone and US data, and 3- the unwinding of excessive EUR-longs across all markets.

πŸ“Š FX Investors Assess Downside Surprises in European Economic Forecasts πŸ‘€

FX investors will continue to evaluate the outlook for EUR/USD this week. Any downside surprises from the European Commission's economic forecasts, the German ZEW, and the Eurozone Q1 GDP could leave the still overbought EUR vulnerable. Furthermore, while the upcoming ECB speakers are expected to reiterate that further rate hikes are likely, they should also confirm that most of the monetary tightening is already behind us, which could undermine the EUR rate advantage.

CrΓ©dit Agricole Research/Market Commentary


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