Bullish dollar outlook wins out
CURRENCY FORECASTS
Stuart Ritson, FX strategist at the bank in London, said this view is predicated on the relatively upbeat outlook for the US economy and widening interest rate differentials, particularly against mainland Europe.
"We felt the European currencies were fully valued given the deteriorating economic backdrop, and expected that the market would price out any chance of an ECB rate hike in 2005 further undermining the euro."
Ritson added the euro outlook was further clouded by the looming referendums
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