FX - EUR/USD forecast update
05-01-2012The path of currency markets in 2012 will largely be determined by the outcome of the Eurozone debt crisis and the extent to which the credit crunch in Europe weighs on global growth. Clearly the first half of the year will be problematic. During this period we look for the EUR to fall further. And the USD should enjoy further strength against commodity and emerging-market currencies as the world converges on weak US growth. We now expect EUR/USD down to 1.20 in the second quarter of the year.
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