EUR/USD preserves its recovery momentum. Economists at Wells Fargo expect the shared currency to gain ground against the US Dollar amid further European Central Bank tightening.
“We expect a further 25 basis points rate hike in May followed by a final 25 bps rate hike in June, which would see the ECB's Deposit Rate for the current cycle peak at 3.50%. In that context, market pricing, which currently implies a peak policy rate of around 3.09%, appears light to us.”
“Our more forceful outlook for ECB policy is an important factor supporting our outlook for medium term strength in the Euro versus the US Dollar.”
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