EUR/USD: Peak of 1.15 nudged a little lower – MUFG

Economists at MUFG Bank see EUR/USD higher but lower than previously forecast.

Some upside scope from here

We have nudged our peak EUR/USD level of 1.1500 a little lower. 

Weaker-than-expected data from the Eurozone, a rate hike by the Fed in July and continued global growth concerns will take some of the modest upward momentum away from EUR/USD. 

Still, assuming no notable worsening of growth in the Eurozone and some pick-up in China optimism, we still see some upside scope from here.

EUR/USD – Q3 2023 1.10 Q4 2023 1.12 Q1 2024 1.13 Q2 2024 1.10