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Rabobank analysts explain that the EUR/USD pair slipped below the 1.12 level for the first time since June 2017 as the dovish signals from ECB weighed on the single currency.

Key Quotes

“Over the medium-term the accommodative position of the ECB should help breath life back in the Eurozone economy.”

“That said, in absence of an improvement of economic data we expect that EUR will remain out of favour and expect EUR/USD to drift downwards in the months ahead.”

“We maintain our forecast of #EURUSD 1.12 on a 3 month view & have lowered our 6 month forecast to 1.10.”