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- EUR/USD: Further downside ahead towards 1.15 - BofA
EUR/USD: Further downside ahead towards 1.15 - BofA
eFXdata reports that analysts at Bank of America Global Research (BofA) discuss EUR/USD outlook.
"EURUSD has weakened in 3Q, consistent with our forecasts, but we expect the move to continue and we stick to our end-year forecast of 1.15, implying more USD upside to come. The recovery has been weaker in the Eurozone than in the US. Inflation expectations in the Eurozone remain well below that in the US. A more difficult outlook for risk assets during Fed policy normalization could also be negative for EURUSD."
"A resurgence in global risk appetite is now the main risk to our constructive USD view, now that risks of Fed policy complacency (pushing out of taper) have materially reduced. The ECB could fail to deliver on its promise for forceful policies, disappointing markets. Also, Eurozone inflation could increase in the rest of the year, while US inflation could fall, which could confuse markets despite both being primarily because of temporary effects."
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