GFT hits high as currencies weaken
"We maintained this view because we believed that slowing US growth would also impact eurozone and UK economies, keeping the wind out of euro and pound strength," said Justin Biebel, foreign exchange dealer at GFT in Ada, Michigan.
Accordingly, GFT called for EUR/USD to trade at approximately 1.36 and GBP/USD at approximately 2.02. This proved correct, with the euro trading only marginally higher than GFT's forecast, and sterling trading more closely.
Slowing US growth also formed the backbone
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