#EURUSD @ 1.04010 to reach 1.15 by late 2023 – Deutsche Bank
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Economists at Deutsche Bank see the S&P 500 at 4500 in the first half of next year while EUR/USD is likely to hit 1.15 by late 2023.
“When it comes to financial markets, our baseline view is that the current bear market equity rally will continue for now, taking the S&P 500 up to 4500 in the first half of 2023. However, as the recession takes hold from mid-year, we are likely to see the index slumping back.”
“With the end of the Fed’s tightening cycle, and then a recession, it should be a more positive year for Treasuries, with the 10-year yield ending 2023 around its current levels at 3.65%, but bunds will underperform, in our view, with 10-year yields moving to 2.60%.”
“Finally in FX, we see a reversal in the Dollar’s upswing, with EUR/USD strongly moving back above 1.10, likely reaching 1.15 by late 2023.”
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