Forex Analysis by Investing.com (Barani Krishnan) covering: EUR/USD, US Dollar Index Futures, EUR/USD exchange rate cash Futures, US dollar Futures. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Top Wall St banks expect dollar to reach $1 between year-end and 6 monthsThe Middle East’s latest conflagration has got Wall Street’s forex researchers on the overdrive, forecasting possibilities for the euro to reach parity with the US dollar amid speculation the crisis will drive up Europe’s
A recent resurgence in energy prices sparked by the Israel-Hamas war has added to the pressure on an already slowing economy. The price of benchmark European gas futures has risen 26% since Hamas’s attack on Israel on October 7.While inflation and rates in other countries will likely rise in this worst-case scenario, the United States could be the exception as foreign investors pour capital into what they deem a safe haven during global conflict.
Citibank said it is targeting a move to parity “within six months” given its “ongoing view of European recession well ahead of the US”. Meera Chandan, co-head of the global FX strategy research team at JPMorgan, citing “tighter financial conditions and potential geopolitical spillover risks, all of which come amid stagnant growth”.
A breakout above the Daily Middle Bollinger Band of 1.0563 will initiate short-term sideways moves with a positive bias towards the swing high of 1.0640, above which sits the 50-day EMA, or Exponential Moving Average, of 1.0680.“This scenario will be seen as a breakout above the broad descending channel, which will eventually aim for major resistance at the confluence of the 200 and the 100 SMAs, or Simple Moving Averages, of 1.0820 and 1.0830.
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