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Jun 24 - 02:55 PM

EUR/USD: Mixed Cross Currents; What's Next? - MUFG

By eFXdata  —  Jun 24 - 01:30 PM

MUFG Research discusses UE/USD outlook and sees a scope for renewed declines in the spot in the near-term.

"The more mixed drivers of the US dollar does suggest we may be approaching a turn in the US dollar trend. Spreads favour a higher EUR/USD; natural gas risks in Europe favour a lower EUR/USD; lower global equity markets and tighter financial conditions favour a lower EUR/USD; but receding China risks as lockdowns end favours a higher EUR/USD," MUFG notes. 

"At this stage we would give greatest importance to the prospect of further asset price declines as a key influence and hence would expect to see renewed declines in EUR/USD before a clearer turn higher in Q4 and beyond as recession fears are realised and the Fed tightening cycle ends," MUFG adds. 

Source:
MUFG Research/Market Commentary

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