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Aug 17 - 09:55 AM

EUR/USD: Our End-Q3 EUR/USD Target Remains 0.9700 - Credit Suisse

By eFXdata  —  Aug 17 - 09:01 AM

Credit Suisse discusses EUR/USD outlook and maintains a bearish bias targeting 0.9700 by the end of Q3

"The divergence in global natural gas and oil prices over recent weeks is also striking. We see this as driven by Europe’s Russia -driven shortage of natural gas leading to a global spike in that commodity’s price, even as better supply dynamics and a weaker global economic outlook pull down oil prices," CS notes. 

"Either way, we prefer to look at Europe’s future terms -of - trade risks through the natural gas prism as opposed to the oil one, which for us means energy market dynamics remain a negative for EURUSD but also for most key European currencies as well, with CHF being a notable exception as we discussed last week. Our end -Q3 EURUSD target remains 0.9700," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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