The analysts of General Company offer a bearish outlook for the EUR/USD in the short term amid the deepening European gas crisis.
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“When oil prices rose in the run-up to the Global Financial Crisis, both the European and US terms of trade suffered, but this time, the relative effect is completely different.”
“From the US point of view, this shows with the positive impact on the dollar from rising energy prices; for the euro, it only highlights the scale of the challenge facing the continent.
“We don’t see a significant rebound for any European currency until we get past the gas crisis.”
“Our current forecasts point to the EUR/USD will bottom in the third quarter, in a range of 0.95-1.00and although that level may be more or less correct, it is more difficult now, to see a rebound before the end of the year.”
Source: Fx Street
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