FXStreet (Córdoba) - Camilla Sutton, analyst at Scotiabank notes that the theme for the EUR continues to be low and vulnerable growth with inflation probably having bottomed already. Against this backdrop, they hold a year-end target of 1.3000 for EUR/USD.
“EUR is up into the NA open, having recovered from brief losses after a disappointing IFO print but still below last week’s 1.3644 high. We see EUR as somewhat range‐bound as FX traders shift focus elsewhere".
"Today, German IFO was softer than expected with the climate falling to 109.7 and the expectations falling to 104.8”.
“The theme for EUR continues to be low and vulnerable growth in an environment where inflation might have bottomed but is well contained and a dovish central bank is not currency positive. We hold a year‐end target of 1.30”.