fX

UBS: We continue to forecast the EURUSD fluctuating in a 1.05–1.15 range for the time being, and sometime next year expect it to reach for higher levels, once Europe’s outlook has improved.

Danske: We continue to see EUR/USD as a ‘sell-onrallies’ where we are likely to see a test and break of the 1.05 level near term. We forecast EUR/USD at 1.05 in 1M and 1.04 in 3M. Longer term, we continue to expect EUR/USD to edge higher towards 1.08 in 6M and 1.12 in 12M on valuation and the record large eurozone-US current account differential.