The economists at CrÃ©dit Agricole CIB Research believe that the EUR/USD pair may have already reached a high near 1.05 In the past week.
A recession will be hard to avoid
“The Euro did not benefit much from the broad risk appetite tone that saw gains in equities coupled with a sharp correction in energy prices on Friday. Data-wise, the avalanche of Eurozone leading indicators for November could bring more and more evidence that a recession will be difficult to avoid, which in turn could limit the attractiveness of the Euro, especially as it will involve a difficult reality check by the ECB.”
“EUR/USD bounce may have peaked already when it spiked just below 1.05 last week, as it real rate differentials hint at some downward consolidation heading into the end of the year.”
Source: Fx Street
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