EUR/USD: Tomorrow's Fed minutes should help pair climb to 1.16 says BNP bank

BNP Paribas once again defends its bullish view of the EUR /USD this morning, confirming its target of 1.16:

"We suspect that the markets were reluctant to react to the positive NFP on Friday due to Yellen's dovish remarks earlier last week, and our economists believe that the Fed's minutes expected on Wednesday will confirm this dovish tone.

Disagreements among Fed members regarding the impact of international developments could encourage different interpretations, but ultimately, the markets may fall due to Yellen's prudent speech.

We therefore believe that there is little chance that the dollar will rise for now and we still expect an increase of the EUR/USD to 1.16 in the coming weeks."