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.
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.
- 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.
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.
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.