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Feb 24 - 12:55 PM

EUR/USD: Data Run, USD Stabilization; Where To Target? - BofA

By eFXdata  —  Feb 24 - 10:45 AM

Bank of America Global Research discusses the USD outlook and targets EUR/USD at 1.05 by mid-year and 1.10 by year-end.

"USD has recently stabilized and strengthened on the back of a run of surprisingly hot macro data and an apparent resumption of inflationary pressures. In particular, with the US adding over half a million jobs to payrolls in January, and the unemployment rate at a historically low 3.4%, combined with upside inflation surprises, the USD stabilized its recent downward move from the previous few months. Inflation is likely to imply near-term stability and upside for USD, given low unemployment and inertia for the core," BofA notes. 

"Still, we look for that upside to be more limited, with our 1.05 focal point for the first half of this year for EUR-USD. We hold our general FX views for G10, and see USD overvaluation as guiding our longer-term outlook, including our forecast of 1.10 for end-of-year EUR-USD," BofA adds. 

BofA Global Research


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