The EUR/USD remains heavy after Tuesday’s bounce really failed to break the 1.00 zone and is currently trading near 0.9930. BBH economists expect the pair to challenge the September 2002 low near 0.9615.
ECB officials acknowledge recession risks
“We believe EUR/USD is still on track to test the September 2002 low near 0.9615.”
“The member of the Executive Committee of the European Central Bank (ECB), Fabio Panetta, stressed that monetary policy “must depend strictly on the data, taking fully into account the condition of the economy of the euro area. This implies, first of all, being fully aware that the probability of a recession is increasing in the euro area due to the consequences of the pandemic, the shock to commodity prices in recent months, due to the war and its implications for trade and uncertainty”.
Source: Fx Street
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