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George Ma
May 23 09:18

Unicredit: EUR will benefit from USD weakening

Analysts of the Italian bank assume that euro will exceed 1.10 in the second quarter.
Euro could benefit from a weaker dollar in the coming days as demand for safe haven assets falls amid improving global market sentiment and US data showing the economic impact of the coronavirus, Unicredit reports.
According to Unicredit analysts, a growing optimism due to possibility of creating a vaccine against coronavirus, the recovery of oil prices and proposed EU recovery fund increased appetite for risk in recent days.
Analysts believe that another series of "presumably bad" economic data may prove to be an unbearable burden for the US dollar in the coming days. EUR/USD may end the second quarter above the US$1.10, which is a Unicredit target, analysts stated.