Euro rebound on ECB another opportunity to sell
Even though uncertainty remains high over the stability of the Greek government and its capacity over the medium term to meet the targets it has today passed in its parliament, the passage of the bills required to keep EU funding on the table, has left the EUR weaker.
We continue to see potential for a deep fall in the EUR through the rest of this year, below parity, especially of the Greek crisis can be more clearly kicked even just a few months down the road.
Separately, JPMorgan remains bearish EUR/USD and looks to sell any bounces to 1.1000 (the high so far today was 1.0963).
"Expect to see 1.0800 in the coming week should the dollar continue to perform but it looks likely to be a slow grind lower from here given the tentative nature of the market," JPM wrote in a client note.
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