EUR/USD now seen lower at 1.1100 by end-2020 – JP Morgan

In the latest client note, analysts at JP Morgan have revised down their forecasts for EUR/USD and GBP/USD for this year, in the face of weaker Eurozone economic prospects, coronavirus risks and post-Brexit trade deal uncertainty.

Key Quotes (via Bloomberg):

EUR/USD end-2020 forecast lowered to 1.11 from 1.14.

A fall to 1.08 possible during the year.

Investor confidence in Europe especially susceptible to coronavirus impacts.

Euro-area economy has been unduly sensitive to other global shocks.

GBP/USD year end forecast now seen at 1.30 versus 1.33 previous.

Q1 forecast lowered to 1.27 from 1.32.

GBP beholden to an uncertain set of negotiations.   

Will inevitably create noise and the risk of intermittent downside.

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