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“we find more compelling macro and flow reasons for a move towards 1.10 to be on the horizon, it’s just a matter of time.”

“Rate spreads suggest EUR/USD should be much lower (sub-1.10) and FX is still playing catch up. A global slowdown typically benefits USD.” 

“German new orders are in decline and with China slowing too it’s difficult to see why European growth should outperform.” 

“The euro area’s long-running trade surplus is in a steep decline, unlike last year when it was rising.”

“In addition, there is the added uncertainty over rising COVID-19 cases, a new Covid-19 variant and restrictions.”

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