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#1 27-05-2015 09:32:07

johnedward
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From: Paris - France
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EUR/USD: Credit Agricole betting on pursued decline of euro...

EUR/USD: Credit Agricole betting on pursued decline of euro, even if Greek situation improves


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In a note published today, Credit Agricole notes that the euro seems destined to fall further, especially in light of the fact that fears of a default are increasing ahead of Greece's payments due to the IMF next week.

"We have long warned that the future of this weak eurozone link will continue to penalise the single currency.

In light of the resumed negotiations between Athens and its creditors, further evidence that an agreement remains uncertain should undermine the euro.

Additionally, the surprising results obtained by the anti austerity party (Podemos) in the Spanish local elections is also a source of concern.

In particular, evidence of contagion from Greece is begining to erode investor appetite for assets denominated in euros.

Even in the event of positve news, we expect limited upside risk in terms of the EUR, insofar as attention should again quickly turn to dovish monetary policy by the ECB.

We maintain a bearish view."


"Anything worth having is worth going for - all the way." - J.R. Ewing

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