Slow USD boosts JP Morgan to top
Frida Gjorstrup, global currency strategist at JP Morgan in London, said the position was based on an expectation of a rate convergence between the US and the eurozone.
Gjorstrup added that the weakness in the US housing market and the recent credit crunch were not expected to substantially spill over to the rest of world. "As such, we expected a narrowing of the US-eurozone policy rate gap, which in turn would lead to an appreciation of EUR/USD." According to the US bank's in-house calculations
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