The euro is trending lower against the US dollar. The Credit Suisse economists expect the EUR/USD pair to decline towards the 0.9200 zone.
“EUR/USD remains bearish with levels as low as 0.9200 possible if fiscal headwinds pick up or Russia-related energy headwinds worsen. However, as short-term hedging is possible, we favor shorting rallies to 1.0000 and above within an expected range of 0.9200-1.0200 in Q4, assuming corrections can extend at least 4% from each new low based on recent precedent.”
“The market is well aware of the risks of a deep recession in the eurozone and the possibility of major hits to both consumer spending and industrial production. Fiscal outlays will have to fill many gaps.”
Source: Fx Street
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