ECB hawkishness underlines support for Euro – CIBC
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Economists at CIBC Capital Markets expect further ECB activism and a building recovery story to maintain a constructive medium-run EUR outlook.
“The presumption of price pressures remaining elevated amidst an improved macro backdrop leaves us comfortable in terms of looking for a 3.50% ECB terminal rate.”
“While the market may have overreacted in terms of recent implied policy presumptions, we expect further ECB activism and/or a building recovery story to maintain a constructive medium-run EUR outlook.”
“Q2 2023: 1.10 | Q3 2023: 1.11 (EUR/USD)”
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