Credit Agricle CIB FX Strategy Research notes that investors’ central bank rate expectations for the ECB should remain capped, leaving the single currency to be driven by positioning and risk sentiment.
“With speculative oriented investors long the EUR, position squaring related downside risks continue, at least in the short-term,” CACIB argues.
“Hence, we advise against buying majors such as EUR/USD around the current levels,” CACIB advises.
EUR/USD is trading circa 1.1190 as of writing.
Source: Credit Agricole CIB Research
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