EUR/USD: Still further modest upside – MUFG

Market news

28 July 2023

EUR/USD: Still further modest upside – MUFG

Economists at MUFG Bank analyze EUR/USD outlook after the ECB policy update.

Further near-term gains for cyclical currencies

We believe the dovish policy shift from the Fed will be more important for FX markets leaving the door open for EUR/USD to strengthen modestly through the rest of this year even if the ECB hiking cycle has ended.

The developments are supportive for further near-term gains for cyclical currencies (commodity & EM FX) against the Euro and US Dollar.

See – EUR/USD: Euro will be able to appreciate over the coming months – Commerzbank

Gold Price Forecast: Softer-than-expected ECI adds evidence of abating inflation, supporting XAU/USD – TDS

S&P 500 Index: Uptrend showing clear signs of tiring ahead of resistance at 4,637 – Credit Suisse

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