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Forex: We expect European growth concerns to drive EUR/USD to 1.2700 by end June – BNZ

FXstreet.com (Barcelona) - The Euro is trading in a narrow range to start the week, flat on the session at 1.3080. Recent trading has been choppy with neither bulls nor bears being able to establish a firm trend. There will be plenty of economic data released later in the week out of China, Europe, and the US which may help make the picture more clear.

According to Mike Jones, Currency Strategist at BNZ, “Most notably, Tuesday night’s European Flash PMIs and Wednesday’s German IFO will provide a timely gauge on the state of Europe’s manufacturing base. Broadly speaking, markets expect a steady outcome.”

He went on to add: “However, unexpected weakness could have an outsized negative impact on the EUR given chatter about possible ECB easing is starting to ramp up. We expect European growth concerns to drive EUR/USD to 1.2700 by end-June.”

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