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EUR/USD to fall to 1.2800 in 3 months - UBS

FXStreet (Córdoba) - The UBS analyst team commented that weak Eurozone’s PMIs is likely to confirm the ECB easing bias, and thus they seen EUR/USD falling to 1.2800 in 3 months.

Key Quotes

“The final August PMI prints for the Eurozone went down to 52.5 from the flash estimate at 52.8. A large drop in the final German PMI (from 54.9 to 53.7), and a large fall in the Italian PMI (53.1 to 49.9) compared to July highlight the weak momentum in the Eurozone. Furthermore, output prices remain under pressure, indicating the problem of low inflation”.

“This data is likely to confirm the ECB's easing bias. We thus stick to our view that EUR/USD will continue falling to 1.28 in three months”.

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