From Nordea's weekly FX piece, "We re-enter a short EUR/USD position"
Citing:
- the global slowdown is not over (USD-smile suggests buying USD still)
- new record lows in 5y5y EUR inflation could re-ignite the ECB monetary madness via e.g. a higher monthly purchase tempo in the QE-ternity program in December
- and as USD liquidity will probably have to become (even) scarcer before the Fed really goes big on liquidity
Their:
- target 1.0760
- S/L 1.1080