In the past week EUR/USD has made a fresh 2018 low, reverting to levels last seen in December 2017, notes the research team at Rabobank.
Key Quotes
“While we would attribute the bulk of the recent move lower in EUR/USD to the broad-based move in the USD, the value of the EUR has recently suffered from some home grown issues linked to disappointing economic data and Italian politics. The move lower in EUR/USD has hit our 1.18 target far sooner than we expected.”
“Although we would not be surprised to see a rebound or a period of consolidation in the coming weeks, we see scope for further downside potential in EUR/USD and have revised down our 12 mth forecast to 1.15.”
Share
