Credit Suisse FX Strategy Research has been generally bullish on the EUR since March.
CS maintains this EUR bullish view on the ground that the better-than-expected growth and political outcomes combined with its “under-owned” structural position should give the EUR room to rally further.
However, CS suspects that inflationary forces are still not strong enough to tolerate sustained EUR/USD rally well beyond 1.15 without prompting central bank reaction.
CS targets EUR/USD at 1.15 in Q3.
Source: Credit Suisse Global Fixed Income Research
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