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Jan 08 - 09:55 AM

BofA: Staying Bullish and Long EUR/USD for 2024 with Target of 1.15

By eFXdata  —  Jan 08 - 09:13 AM

Synopsis:

Bank of America (BofA) shares their optimistic perspective on the EUR/USD currency pair, maintaining a bullish stance and long exposure in spot and expecting a notable rise by the end of 2024.

Key Insights:

  1. Recent USD Trends:

    • BofA notes the USD has approached their year-end G-10 forecasts earlier than expected since mid-November.
    • Despite this, they remain confident in their prediction of the dollar's continued depreciation.
  2. EUR/USD Forecast:

    • BofA has consistently forecasted EUR/USD to reach 1.15 by the end of 2024.
    • This forecast stands higher than the current market consensus, which has risen from 1.10 to 1.12 recently.
  3. Current EUR/USD Performance:

    • EUR/USD has been trading near 1.10, up from 1.05 in October, indicating a trend towards BofA's forecast.

Conclusion:

Bank of America’s bullish outlook on EUR/USD is underpinned by recent trends and a consistent belief in the dollar’s decline. Their forecast for EUR/USD to reach 1.15 by the end of 2024 is more optimistic than the current market consensus, suggesting a positive trajectory for the Euro against the US dollar. This outlook offers valuable insights for investors and market analysts, highlighting the potential for significant currency movements in the coming year.

Source:
BofA Global Research

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