FXstreet.com (Barcelona) - "The clearest trend in the foreign exchange markets this month has been investors saying goodbye to their euros and buying all other major currencies," said Mansoor Mohi-uddin Head, Foreign Exchange Strategy at UBS. As a result the euro is trading around "decade lows against the Nordic currencies and all time lows against Australian, New Zealand and Canadian dollars," he added. But against the US dollar, yen, sterling and Swiss franc, "the euro remains well above its record lows reflecting foreign exchange intervention by the SNB and loose monetary policy from the Fed, BoJ and BoE," he noted.
According to Mohi-uddin: "The SNB is unlikely to abandon its exchange rate target for the franc and the BoE has started a third round of money printing. But if the Fed and the BoJ continue to disappoint investors looking for further easing then the euro's move lower will become more broad based." "We continue to target the single currency falling to 1.15 against the dollar this year," he concluded.
According to Mohi-uddin: "The SNB is unlikely to abandon its exchange rate target for the franc and the BoE has started a third round of money printing. But if the Fed and the BoJ continue to disappoint investors looking for further easing then the euro's move lower will become more broad based." "We continue to target the single currency falling to 1.15 against the dollar this year," he concluded.
