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Jun 01 - 03:48 PM

EUR/USD: On A Firmer Footing; Likely To Test The Top Of 1.08-1.12 Range N-Term - MUFG

By eFXdata  —  Jun 01 - 11:00 AM

MUFG Research adopts a constructive bias on EUR/USD in the near-term.

"The European Commission’s proposal for the Recovery Fund has reinforced investor confidence in euro-zone assets and the euro...In the interim it increases pressure on the ECB to deliver further support," MUFG notes. 

"In these circumstances, we expect the EUR to continue trading on a firmer footing in the near-term. EUR/USD appears set to test the top of the 1.0800 to 1.1200 trading range. However, it may still be premature to turn outright USD bearish," MUFG adds. 

Source:
MUFG Research/Market Commentary

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