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Nov 14 - 06:55 PM

EUR/USD: Rebound To Prove Temporary And Set To Fade Over Coming Months - Danske

By eFXdata  —  Nov 14 - 03:00 PM

Danske Research discusses EUR/USD outlook and maintains a structural bearish bias over the coming months. Danske targets EUR/USD at 1.00 in 1-month and at 0.93 in 12-months. 

"Price action in FX markets over the last month has been driven by not least the Fed-pivot narrative but also renewed focus on a Chinese reopening and lower energy prices have been important catalysts. EUR/USD has moved sharply higher and cyclically sensitive European currencies in the likes of NOK, SEK, HUF and PLN have rallied strongly," Danske notes. 

"Despite recent USD-headwind, we continue to forecast EUR/USD at 0.93 in 12M on the back of a substantial negative terms-of-trade shock to Europe vs US, tightening of global financial conditions and downside risk to euro area growth," Danske adds. 

Source:
Danske Research/Market Commentary

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