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Nov 04 - 06:55 PM

EUR/USD: Still Targeting 1.14 Before Year-End - Credit Suisse

By eFXdata  —  Nov 04 - 03:00 PM

Credit Suisse maintains a bearish bias on EUR/USD into year-end.

"We note that the broad USD performed well last week despite the sharp moves higher in short-term rates in key competitors like the euro area, leaving BBDXY at the highest levels since Oct H1. This resilience is indicative of the market still being minded to see the US as a leader rather than follower in terms of delivering asset purchase tapering and rate hikes," CS notes. 

"The fact that euro area sovereign bond spreads blew up at the first hint of reduced asset purchases is also a major warning signal for the EUR, and we see no reason to shift away from our Q4 1.1400 EURUSD target despite the shift higher in euro area short term rates," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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