$EURUSD Heading Towards Stronger Buying Levels
The EURUSD exchange rate is expected to trade significantly below current levels by 2023 according to new analysis by independent research firm Capital Economics. In this regard, analyst Jonas Goltermann says in his report on the mid-year currency review that“Our view is that the US dollar will strengthen against most other currencies in the coming quarters as risk appetite exacerbates amid recession in the United States, the euro area and other developed markets”.
However, sentiment will eventually deteriorate over the coming months, as recessionary pressures take hold and drive demand for the dollar's familiar safe-haven characteristics. One potential area of interest for the dollar outlook lies in the ongoing AI-driven boom in a handful of US technology stocks, which Capital Economics says is increasingly looking like a bubble.
“We expect the euro to depreciate significantly on the back of a further deterioration in economic activity,” says Hubert de Barochez, market economist at Capital Economics.
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