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BNP Paribas: EUR/USD has long-term upside potential and is expected to end the year at 1.15
Throughout 2023, the euro has failed to maintain above 1.10 against the dollar several times, and it has not reached this level so far in 2024, but BNP Paribas believes that the euro has the potential to rise in the long run. Ethan Gumani, the bank’s G10 FX strategist, said in a note: “Looking ahead, we think this resistance (1.10) is more likely to be breached, and we expect EUR/USD to end the year at 1.15.” He said the market was overly pessimistic about eurozone growth and overpriced in the Central Bank’s rate cuts.