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Euro has been declining steadily against Dollar, since European Central bank hinted that it might expand its stimulus program in December. Euro dropped more than 700 points since ECB meeting, only taking small breather at 1.10, 1.09 and 1.07, against popular expectations of a halt at 1.08.
Our call is for parity, probably by year end or by first quarter next year, with the view that ECB will reduce deposit rates as well as expand current purchase program and FED will hike rates by 25 basis points, both in their respective December meeting.
However, there could be interim breather, where profit booking can occur.
According to our forecasting method,
- Key breathing are for Euro/Dollar is coming around 1.052 (+/- 10-15 basis points), with small interim breather at 1.063 area, before next move towards parity.
