EUR/USD: Weakness in the euro likely to persist – Wells Fargo – by MSalordFX EURUSD Banks Currencies
pair could drop to 0.91 by the first quarter of next year. They point out that the European Central Bank will lag well behind the Federal Reserve and also consider that economic conditions in the Eurozone are worsening. “The fact that some key foreign central banks are set to lag the Fed in terms of the pace of rate hikes, as well as fall short of the tightening currently priced into financial markets, should also weigh on foreign currencies and support the U.S. dollar for the time being.
“We expect weakness in the euro to persist. High and rising inflation should continue to weigh on the consumer, and energy supply disruptions could more directly impact manufacturing activity. Confidence surveys are now clearly pointing to contraction, especially for Germany—the region's largest economy. While the European Central Bank should raise rates further, underwhelminggrowth should see it lag well behind the Fed, another factor that could see the EUR/USD exchange rate reach $0.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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