EUR/USD: BNP thinks that the pair will reverse to 1.06 by the end of the year

"Despite the still palpable disappointment of the markets in terms of the ECB, what we must remember is that the ECB has nonetheless softened its monetary policy significantly, not to mention Mario Draghi's statements on Friday which clearly indicated that he is ready to do more if necessary.

We therefore believe that the euro will not remain at current levels and that the EUR/USD will return to 1.06 by the end of the year." says the BNP bank.