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EUR/USD to reach 1.24 by year-end - Nomura

FXStreet (Bali) - Nomura is revising their Q4 forecast for EURUSD to 1.24 from 1.27.

Key Quotes

We have been neutral on EURUSD in early Q4, based on the notion that portfolio rebalancing could see a temporary shift higher after an outsized depreciation in Q3. But last week we highlighted that there is accumulating information that looking a bit further ahead, there is more downside in store for EURUSD. As a result, we revised our Q4 forecast for EURUSD to 1.24 from 1.27.

Our view is supported by developments in six areas: a) weakening of fixed income portfolio flows in the euro area; b) M&A pipeline shifting to Euro negative; c) lower support to the Euro from risk aversion and portfolio rebalancing; d) possibility of further balance sheet expansion by the ECB; e) weak economic data in the Eurozone; and, f) re-emergence of financial stability risks in the Eurozone

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