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Dec 3, 2015
EUR/USD still targets 1.04 by year-end – Westpac
FXStreet (Edinburgh) - Strategist at Westpac Richard Franulovich expects spot to grind lower towards the 1.04 area by end of 2015.
Key Quotes
“Pockets of weaker US data raising some doubts about EUR downside, especially given how stretched EUR appears and as we approach year-end position squaring pressures”.
“Inclined to look through that and focus on medium term downside potential. Some EUR short profit taking inevitable but if past ECB and Fed QE policy announcements are any guide it should not last more than a week or two before longer term downside resumes”.
“Our year-end 1.04 EUR/USD target still a strong base case”.
Key Quotes
“Pockets of weaker US data raising some doubts about EUR downside, especially given how stretched EUR appears and as we approach year-end position squaring pressures”.
“Inclined to look through that and focus on medium term downside potential. Some EUR short profit taking inevitable but if past ECB and Fed QE policy announcements are any guide it should not last more than a week or two before longer term downside resumes”.
“Our year-end 1.04 EUR/USD target still a strong base case”.