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Forex Flash: EUR/USD year-end target at 1.25 – Scotiabank

FXstreet.com (Barcelona) - The euro remains buoyant around 1.2845/50, lifted by the increasing risk appetite after disappointing data from the US ADP and ISM Non Manufacturing.

Camilla Sutton, Strategist at Scotiabank, expects the ECB to leave the refi rate unchanged in its monthly gathering tomorrow “and that President Draghi sounds vaguely more dovish than his previous press conference (particularly considering weak PMIs and a new record high in the 12% unemployment rate) but that he is slow to turn outright dovish, in turn weighing on the outlook for the Eurozone and EUR. We expect EUR to trend lower this year, closing at 1.25”.

Forex Flash: USD/JPY year-end forecast remains at 100.00 – UBS

According to Research Analyst Gareth Berry at UBS, “Lower JGB yields on the back of aggressive BoJ easing could lower borrowing costs in the economy. That could encourage households and corporates to take on more debt to fund a buying spree at home.” The evidence in favor of this is hardly overwhelming. Already borrowing costs are extremely depressed and still demand for credit remains feeble.
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Forex: GBP/USD trading near session highs of 1.5149/50

The GBP has gradually recovered off the 1.5060 level (intraday minimum) incurred during European trading. Having managed to pare its losses Wednesday, the cross has streamed ahead to session highs at 1.5160, though has eased slightly to 1.5149/50.
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