Back in early September, Nomura cut its EUR/USD forecasts to 1.27 for end of September and end of Q4. Today, Nomura cuts again its Q4 target for EUR/USD from 1.27 to 1.24. For 2015, Nomura forecast are unchanged continuing to target 1.20 by Q2 2015. Nomura highlights six specific pieces of negative news, which all point to further downside for EUR/USD in the final months of 2014. 1) Fixed Income Portfolio Flows are Weakening. 2) M&A pipeline shifting to Euro negative Corporate FX flow, linked to M&A, has shifted to a clearly negative direction for the Euro. 3) Risk aversion and portfolio rebalancing failed to support ... (full story)