- EUR/USD: A return to 1.06 is a significant risk, dragging GBP/USD back to 1.25 in the process – SocGen
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23 June 2023
EUR/USD: A return to 1.06 is a significant risk, dragging GBP/USD back to 1.25 in the process – SocGen
Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes the EUR outlook following dreadful PMIs.
June’s Euro rally just hit a – PMI – brick wall
EUR/USD has risen from 1.06 to above 1.10 this month and has given back almost half that move in under 24 hours.
A return to 1.06 is a significant risk, dragging GBP/USD back to 1.25 in the process.
The only caveat is that the European PMI data aren’t a very useful gauge of what’s happening to the economy, and should be treated with some scepticism, but that’s not going to help on a midsummer Friday with no other major data due.
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