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  4. Citi Says EUR/USD Could Hit 0.86
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Citi Says EUR/USD Could Hit 0.86

By Senad Karaahmetovic The persistently strong U.S. dollar continues to create headwinds for businesses that have high international exposure. The EUR/USD has settled below parity...
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Citi Says EUR/USD Could Hit 0.86 © Reuters. Citi Says EUR/USD Could Hit 0.86

By Senad Karaahmetovic

The persistently strong U.S. dollar continues to create headwinds for businesses that have high international exposure. The EUR/USD has settled below parity for a few weeks now with analysts expecting the pair to test new 20-year lows soon amid rising rate yields.

Citi strategists argue that the U.S. dollar “has likely not peaked yet.” Citi sees EUR/USD falling to 0.93, although their FX strategists argue that the major could eventually hit 0.86 if macro headwinds increase.

On how the continued strength of the greenback will impact broader markets, the strategists wrote:

“A strong USD is a negative for US assets across the board. While the impact of the USD on the US economy should be manageable, asset prices will likely react. We expect the USD basis to widen, which is negatively correlated with risky assets. Earnings of US equities are likely pressured lower by a strong USD.”

As far as the Japanese yen is concerned, they see the potential for a BoJ reaction if the USD/JPY continues to make new highs.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

Summary

↑ Sell

Moving Avg:

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Sell (10)

Indicators:

Buy (0)

Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

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Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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Moving Avg:

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Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

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Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

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Moving Avg:

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Adidas AG

226.40

-5.90 (-2.54%)

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Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

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Deutsche Bank AG

15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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