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EUR/USD likely to remain near 1.17 into year-end - CIBC

eFXdata reports that CIBC Research discusses EUR/USD outlook and adopts a neutral bias on the pair going into year-end.

"The combination of an earlier re-opening and a less dovish central bank compared to the Fed, led to an aggressive expansion in EUR longs over the summer. Speculative positioning reached all-time extremes into the end of August, with the position extension coinciding with the change in Fed policy to average inflation targeting. An unwinding of such positions, triggered by global risk aversion that favours the greenback, alongside eurozone data that added up to an easing the eurozone surprise index, has put a temporary stall into the euro’s march stronger. We expect EURUSD to remain near 1.17 into year-end," CIBC notes. 

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