Societe Generale FX Strategy Research notes that the EUR needs the July fall in real Bund yields to be reversed, or it’s going to look more than a bit stretched.
However, SocGen thinks that it’s a bit premature to give up on further EUR gains arguing that the turn in the tide of global capital flows is too big a change to dismiss this soon.
“EUR/CHF, as much as anything else, highlights the change that’s underway,” SocGen adds.
Source: Societe Generale Cross Asset Research
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