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Forex Flash: EUR/USD looks neutral ahead - BTMU

FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts are neutral on EUR/USD for the week ahead and see spot moving between 1.2950 and 1.3250.

They begin by noting that the euro continues to remain relatively stable against the US dollar trading just above the 1.3000-level. They do not expect the recent period of stability to break in the near-term although upward pressure has intensified following the BoJ’s monetary policy meeting. They see that aggressive monetary easing programme unveiled by the BoJ is encouraging a pick up in risk seeking behavior amongst global investors in search of yield. Government bond yields in the euro-zone periphery have fallen in anticipation of a pick up in demand supporting the euro. Further, they write, “The US dollar is also still trading on a weaker footing following the disappointing US employment report for March although its negative impact is being partially offset by the less dovish FOMC minutes which highlighted that the Fed is moving closer to tapering the pace of asset purchases in 2013. Euro upside potential is also likely to be dampened in the near-term by building expectations of further monetary easing from the ECB in the coming months, with the euro-zone growth and inflation outlooks both weakening.”

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