In a special note to clients, Nomura outlines the key reasons behind the ongoing rally in EUR/USD, projecting the path of the pair over the coming months. 1- Nomura has now formalized a new central case that the Fed delays in September after the FOMC sent a clear signal about that in the minutes on Wednesday and that the market will start to question lift-off in December. 2- "Portfolio outflows from the eurozone, which peaked around April, have since moderated. This is a function of the normalization of yield levels we have observed, driven by the spike in the Bund yield, but fairly broad based. For example, the ... (full story)