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Thomson Reuters
Jan 25 - 01:24 PM
EUR/USD: ECB Action Delayed, But Not Denied; Where To Target? - CIBC
First appeared on eFXplus on Jan 25 - 11:30 AM

CIBC Research discusses EUR/USD outlook and maintains a structural bullish bias targeting 1.15 in Q1, and 1.19 in Q3, and 1.22 by year-end.

"Weaker external dynamics suggest that ECB policy inertia will likely extend into the second half, in contrast to our previous assumption of policy reversal prior to mid-year. Although near-term activity risks slipping below trend, medium-run inflation expectations have shown signs of a rebound, helped in part by the reversal of weakness in the price of oil," CIBC notes. 

"While the ECB may delay policy action we do not expect this to materially compromise EUR performance, with EURUSD expected to rise to 1.22 by the end of 2019," CIBC adds. 

CIBC Research/Market Commentary


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