When we published FX Trends in August we argued that EUR/USD should see a strong move higher on global policy easing (pencilling in 1.27 in 3M) but also that it was too early to dismiss the underlying euro downtrend that had been running for more than a year. For this downtrend to reverse, we argued, global growth would have to recover and the Fed would have to outperform the ECB in terms of monetary easing. Arne Lohmann Rasmussen, Chief Analyst, Danske Bank
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