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

FXstreet.com (Barcelona) - The single currency is testing multi-week highs in the vicinity of the 100-day moving average around 1.3150/55 on Tuesday, bolstered by increasing risk appetite as markets recover from Monday’s sell-off and a decent Spanish auction.

“In the near‐term (and once we are through the current period of unease) EUR is likely to be supported by fears that the Fed will be unable to taper QE due to a weakening US economic outlook and the ECB’s failure to turn more dovish. “

According to Camilla Sutton, Strategist at Scotiabank, the euro would find support in the near term by the ECB inaction and the ongoing QE programme by the Fed. “However over the medium term, the combination of weak growth, low confidence, limited progress on the banking union and structural reforms should all weigh on the currency. We hold a year‐end target of 1.25”, assessed Sutton.

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