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March 8, 2021SharePrint
The euro has started the week in negative territory, dropping below the 1.19 level. Currently, EUR/USD is trading at 1.1879, down 0.24% on the day.
Dollar beating up on euro
The euro had a field day with the dollar late in 2020, as EUR/USD posted sharp gains. The roles have now reversed, as the euro has fallen to levels last seen in November 2020. The euro has managed only two winning weeks since the New Year, as the US dollar is no longer the punching bag for the major currencies. Last week, EUR/USD fell by 1.34% and fell below the 1.19 level for the first time since November 2020.
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Jan 7, 2021 09:52 GMTDaily Look
What is the outlook for EUR/USD in the coming months?
Here is their view, courtesy of eFXdata:
Citi maintains
“
CitiFX Strategy remains bullish EURUSD with a target of 1.30, based on a cyclical recovery, the search for value, diversification, changes in hedging and funding patterns and an ECB that is less dovish relative to the Fed,” Citi notes.
“
In the short-term, we think further upside could come from relatively clean positioning, continued outperformance of the cyclical sectors, optimism around US fiscal stimulus, and low US real rates.
This week, we watch Eurozone Core CPI and Germany Factory Orders on Thursday, and Germany Industrial Production on Friday,” Citi adds.