EUR/USD: Range persists as Dollar outperforms – Societe Generale
Societe Generale’s Kit Juckes notes that EUR/USD ‘fair value’ is near 1.1150 after the latest US CPI-driven rates move, leaving the pair stuck in a range. He stresses that the US economy continues to outperform and keeps a year-end EUR/USD target of 1.10. Upcoming US PPI data may draw extra focus following CPI.
Euro pair held in tight range
"Yesterday’s US rates reaction to the CPI data helped put EUR/USD ‘fair value’ at 1.1150, very close to where it is trading this morning."
"The bottom line is that there may be storm clouds gathering beyond the horizon, but for now the US economy continues to outperform most others."
"Our year-end EUR/USD target of 1.10 is not obsolete yet."
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