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EUR/USD could see 1.08 in 3-month – Danske Bank

FXStreet (Edinburgh) - Analyst Kristoffer Lomholt at Danske Bank believes the pair could slip to the 1.08 area in a 3-month view.

Key Quotes

“Since the August market sell-off the EUR- and the CHF- correlations to global equities have been identical and moved in tandem”.

“With the relative move in USD/CHF and our model beta estimates in mind, this suggests that roughly half of the move lower in EUR/USD since Thursday can be explained by improved risk sentiment and the other half by increased dovish expectations of future ECB monetary policy”.

“We target EUR/USD at 1.10 in 1M and 1.08 in 3M but maintain the view of the cross edging higher in 2016 on medium-term fundamentals. We expect the cross to trade at 1.12 in 6M and 1.20 in 12M”.

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