EUR/USD bullish trend in late 2022 will be replaced by pullbacks and choppy trading conditions — Rabobank

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Though Rabobank analysts they forecast that the DXY index could end the year slightly lower, they expect 2023 to offer plenty of opportunities for USD bulls to recommit. They hold a 1-month forecast of 1.05 for EUR/USD and a 3-month forecast of 1.03 for EUR/USD.

Notable Statements:

“The first week of trading of the year has already seen investors question some of the stronger themes of the past month. Weaker European headline inflation data has raised questions about whether the ECB will need to maintain the degree of firmness it Conversely, signs of resilience in US jobs data underpin Fed protests that it may be too early to bet on a US rate cut before the end of this year.”

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“The collapse of USD longs and the rise of EUR longs late last year suggest that the EUR/USD uptrend that developed in late 2022 could be replaced by pullbacks and choppy trading conditions. We maintain our 3-month EUR/USD forecast at 1.03.”

Source: Fx Street

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