FX Forecast Update: More EUR Weakness ahead – but the Worst is Likely Behind
By admin | May 21, 2010
In several issues of FX Forecast Update we have written about the risk related to the debt situation in the PIIGS countries. Admittedly however, we did underestimate the impact on the FX market – not least on EUR/USD. We revised our 3M EUR/USD forecast lower on 28 April to 1.27, see FX Research: The good, the bad and the ugly EUR scenario, but as EUR/USD is currently trading below 1.24 – a level not seen since the beginning of 2006 – the revision was obviously too modest.
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