#EURUSD @ 1.01773 -imp levels: to extend its slide as fundamental backdrop for the euro remains negative – MUFG
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EUR/USD fluctuates in a relatively tight range above 1.0150. However, the pair is set to continue its move downward, economists at MUFG Bank note.
“The reality is that the fundamental backdrop for EUR remains negative and short-term spreads dragging EUR/USD lower has further to run.”
“We view there is a much greater risk of the ECB delivering less than the current OIS pricing implies – 115 bps compared to the risk of the Fed underdelivering the 125 bps priced by year-end.”
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