EUR/USD: STRENGTH LIKELY TO PROVE SHORT-LIVED – MUFG
The sharp further gain for EUR/USD is on shaky ground in the view of economists at MUFG Bank.
Next six-week period is the worst of the year for EUR/USD
The Eurozone backdrop and indeed the global backdrop does not seem to us conducive to a further sustained rally in EUR/USD.
Fundamentals as a driver over the next few weeks through the Christmas and New Year period is never reliable but if this rally is sustained over that period, we’d expect a reversal as we advance through Q1 next year – which from a seasonal perspective covers a six-week period that is the worst of the year for EUR/USD.
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