💶🔺Recommend Going EUR/USD Long, Target @ 1.1350: MUFG FX Strategy
- Rosbel Durán
- Apr 24, 2023
- 1 min read
We are recommending a new long EUR/USD trade idea. Target @ 1.1350, Stop @ 1.0750, Opened @ 1.0950
The fundamental drivers that have helped lift EUR/USD at the start of this year remain in place and have been reinforced recently. Firstly, the EUR is continuing to benefit from the easing of downside risks to growth in the euro-zone
ECB officials have left the door open to another larger 50bps hike next month. While headline inflation has fallen back sharply recently as energy price inflation has reversed, food and core inflation pressures remain uncomfortably high
It has made us more confident that the Fed will pause their hiking cycle after delivering one final 25bps hike next month. Stronger than expected growth in China at the start of this year is a further supportive development for the EUR over the USD
- MUFG FX Strategy
Comments