Societe Generale: EUR/USD Range-Bound with Downside Bias to 1.12
Societe Generale's Kit Juckes sees EUR/USD stuck in a range with a downside bias toward 1.12, citing a lack of major FX moves from recent G10 central bank actions and deeper Eurozone GDP forecast cuts.
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Kit Juckes at Societe Generale notes that recent G10 central bank actions have not sparked significant FX moves, leaving EUR/USD trapped in a range. He identifies a downside bias toward the 1.12 level.
The analyst points to deeper cuts in Eurozone GDP forecasts relative to other regions as a key factor weighing on the euro. The currency pair remains range-bound as markets absorb the diverging economic outlooks.
Source: FXStreet Forex News