Strong US data suggest EUR/USD could keep struggling in the near term – SocGen
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The Eurozone economy is operating below potential, unlike the US. European rates have corrected with US rates, but to a lesser extent. The Euro 5y IRS is up 7 bps since Friday compared to 30 bps for the US. The widening of the spread is driving the new low in EUR/USD. It remains to be seen if the pair can reclaim 1.0780 and repeat the price action of last December when the Fed sparked Dollar profit taking. Strong US data suggest EUR/USD could keep struggling in the near term.
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