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EUR/USD: where is the pair going now? (Merrill Lynch)
Merrill Lynch notes that pressure has intensified on the dollar since the beginning of the year despite a supportive macroeconomic context.
"We continue to believe that the market ignores the upside risks for the USD while at the same time integrating the monetary "normalisation" of the ECB too much into the price. Indeed, US economic data have been solid, the tax reform should reinforce already strong growth and the FED continues to raise its key rate.
USD: We are getting closer to a rebound.
We believe that the Fed's monetary policy could easily drag the EUR/USD back down to 1.15. The pair has posted an impressive rise but we believe that a marked correction is expected", says Merrill Lynch.
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