EUR/USD seen around 1.1700 in the near term – Danske Bank

Senior Analyst at Danske Bank Morten Helt believes the pair could reach the 1.1700 area in the short-term horizon.

Key Quotes

“USD has clearly recoupled with the US 10Y yield in recent weeks and yesterday was no exception as another break of the 3% level caused USD crosses to be bid”.

“While US yields are on the rise from cyclical and fiscal factors and term premia repricing alike, we note that EUR/USD long positioning is now much lighter than just a few weeks back, making another dip lower in EUR/USD more challenging. We still see the cross headed for the 1.17s near term”.