Since the Greek elections on 2 May the euro has been under a severe pressure against the US dollar and EUR/USD has in May fallen from above 1.32 to currently 1.25. The main reasons are obviously the risk of a Greek default or that the country decides to leave the euro. We think that things could get much worse before they get better and we see further near-term downside risk to EUR/USD, EUR/GBP and EUR/JPY. Morten Helt, Senior Analyst, Danske Bank
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