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Forex Flash: EUR/USD end year forecast remains at 1.20 – UBS

FXstreet.com (Barcelona) - “UBS Economics expects March's employment report in the week ahead to show 190k in new payrolls and for the unemployment rate to decline again from 7.7 to 7.6%,” says Mansoor Mohi-uddin Head of Foreign Exchange Strategy at UBS Macro Research.

“That suggests the FOMC will signal - perhaps as early as the June meeting when its next updates its Summary of Economic Projections - that it will start slowing down its asset purchases in the second half of 2013,” the analyst adds, expanding: “As a result we see the dollar outperforming the other major currencies with our end year forecasts remaining 1.20 EURUSD.”

He also suggests to sell into any rally post-Draghi's Thursday press conference, when “The single currency may bounce if Draghi successfully navigates his press conference and the ECB keeps interest rates on hold,” Mansoor concludes.

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