Pressure likely for the greenback
MARKET VOICE
The US trade data for February was better than expected, sparking a quick EUR/USD sell-off below 1.21 which, as at the end of last week, had not been sustained. The improvement had been driven by a contraction in the non-petroleum deficit, which may give some pause to USD bears looking for weakness to return over the coming months due to a deterioration in the US basic balance.
We believe this picture of a mild deterioration in the US basic balance can be sustained despite the improved February
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