July 18, 2022 - 11:14 AM 252 views
The primary currency pair is expected to touch 0.9700 on the
downside, according to Morgan Stanley analysts, who remain pessimistic about
the Eurozone's economy.
"We become categorically pessimistic on the EUR and advise
EUR/USD shorts aiming for 0.97. With petrol prices rising, economic indicators
deteriorating, and inflation remaining high, the prognosis for the Eurozone
appears to be getting more and more difficult.
"The likelihood that European countries won't have enough
natural gas stored in advance of the winter's peak demand appears to be
increasing, which could lower market expectations for future growth. Although
this trend is unlikely to take off very soon, in the long run (2023+), ECB normalisation
may curb fixed income outflows, boosting the currency."
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