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EUR/USD set to reach early year highs at 1.2350 – MUFG

FXStreet reports that economists at MUFG expect the EUR/USD to near the 1.2350 in the month ahead.

“We see scope for the EUR/USD pair to continue to head higher in the month ahead and back towards the highs from earlier this year at just below 1.2350.”

“There has been a notable pick-up in the pace of vaccine roll-out especially in Germany and Spain where the total number of people who have received one dose has increased by more than 50% in the first half of April. It provides encouragement that the eurozone economy will be able to reopen as well during the second half of this year.” 

“Market participants are already beginning to anticipate that the ECB will slow down the pace of QE purchases in Q3 which alongside the improving growth outlook is helping to lift European yields and the euro. However, we do not expect the ECB to provide more clarity on QE purchase plans beyond Q2 at the current juncture.”

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