The dollar is under downward pressure (for various reasons). However, we expect a marked appreciation in the US currency over the coming period, especially against the euro. Among others because US economic growth could start to accelerate somewhat over the coming months to quarters whereas there is little doubt that tensions within the eurozone will continue to mount. Over that period, EUR/USD (now around 1.38) may peak near 1.43 then fall towards 1.10.
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