Credit Agricole on the Eur/Usd

Credit Agricole divulges on an interesting subject.  They believe that the most recent upside trend is corrective rather than a change in trend. The reasons for such statement are: all position squaring related upside was mainly driven by risk aversion, the rise of it should not progress any longer in an environment where central banks may turn even more aggressive.Given the single currency's past few weeks' appreciation and weaker commodities, downside risks to inflation may rise.
 

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