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Chances for euro reaching parity level lowered

Monday, May 16 2016
There were no data releases from Eurozone today, with euro edging higher. The New York-based bank joined Deutsche Bank AG last week in scrapping forecasts for the common currency to slump to $1 or below in 2016, citing changed outlooks for central-bank policy. Goldman Sachs sees the euro trading at $1.05 in 12 months, up from 95 cents forecast previously, analysts led by Robin Brooks, the bank’s chief currency strategist, wrote in a note on Friday. A day earlier, Deutsche Bank, the world’s second biggest currency trader according to Euromoney magazine, raised its year-end prediction to $1.05 from $1. (Gulf News)
Strategists and investors are scrambling to revise their expectations for the euro after another round of easing from the European Central Bank failed to drive the common currency lower. It has advanced 4.1 per cent since December 31, confounding more than 80 per cent of analysts surveyed at the time who expected weakness in the first half of the year. Then, 14 banks saw the European currency slumping to parity or below with the dollar by the end of 2016. Now just five hold that view, Bloomberg data show.
 
Euro is currently being traded few points below 1.1350 level. Pair is likely to find support around 1.13 handle and resistance above 1.1430 level. 
 
Source: FxEmpire.com
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