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2021/12/09 / Erste Group Research

EUR/USD - Correction expected

The EURUSD fell to 1.12 over the course of November, but then stabilized around 1.13. We expect only one interest rate hike in the US next year, while the market expects more than two. Any retraction of interest rate expectations should lead to a correction of the EURUSD to 1.15.

The recent sharp rise in new COVID-19 infections in the Eurozone has weakened the euro against the yen. At the current level, the yen is in a support area. If new infections with Covid-19 in the Eurozone ease somewhat, this could lead to a weakening of the yen in the coming weeks.

In recent trading weeks, the Swiss franc strengthened further against the euro to a level of 1.04. Decisive factors included rapidly rising new infections with COVID-19, especially in Germany. In addition, the inflation differential between Switzerland and the Eurozone widened further to 3.4%, due to a historic high in Eurozone inflation in November.

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General information

AuthorErste Group Research
Date2021/12/09
Languageen
Product nameForex News
Topic in focusFX, Macro/ Fixed income
Economy in focusJapan, Switzerland, United States
Currency in focusSwiss Franc, US Dollar
Sector in focus-
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