US economists have continued to push up their forecasts for 2023 GDP growth, as has happened in the majority of G7 economies. The exception is the eurozone, where 2023 consensus growth has slipped marginally this month. It’s hard to see how the Euro can go on rising at the recent pace of growth expectations fall further.

A push to a 1.15-1.20 EUR/USD range probably requires two things – an improvement in expectations about Eurozone GDP growth and a stronger belief that the ECB will continue hiking rates after the Fed has finished.