Mo’s analystsMorgan Stanley remain bearish on EUR/USD and expect the currency pair to test the 0.9700 level down, amid dire economic prospects for the euro zone.
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“We turn openly bearish on the EUR and we recommend selling on the EUR/USD towards 0.97. The outlook for the Eurozone looks increasingly complicated with the higher gas prices, smoother growth data and inflation that remains elevated.”
“It seems that the risks that European countries will not be able to store enough natural gas before the winter months in high demand, which may lower market expectations of future growth. In the long term (beyond 2023), ECB normalization could reduce fixed income outflows, supporting the currency, but this issue is unlikely to start soon.”
Source: Fx Street
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