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Nov 01 - 11:00 AM
EUR/USD: Positive Momentum May Continue Into Next Week Towards 1.1250 - MUFG
First appeared on eFXplus on Nov 01 - 09:11 AM

MUFG Research discusses EUR/USD outlook and adopts a tactical bullish bias going into next week, expecting the pair to trade upward in 1.0950-1.1250 range.

"The calendar month gain in October is the largest since January 2018, highlighting the current positive momentum that has not been seen for some time. In many ways this is again the euro playing its role as the anti-dollar and for that reason alone is making these gains," MUFG notes. 

"The optimistic spin from Fed Chair Powell last night in his press conference doesn’t appear to have been believed by market participants and incoming economic data will remain the determinant of market pricing, not the Fed’s view that it can now pause its rate cutting cycle...We have a bullish bias for EUR/USD in the week ahead, for the euro simply not being the dollar," MUFG adds. 

Source:
BTMU Research/Market Commentary

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