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EUR/USD: Get Ready For Its 'First One-Off Discrete Jump' To 1.15 - ING
ING FX Strategy Research argues that the dissolution of the French election risk will allow market participants to fullyfocus on the next key theme in FX markets the ECB QE tapering. Such a backdrop, according to ING,should be EUR positive and lead to 'the first one-off discrete jump' from its current levels to the 1.15 level by. "As was the case during the US taper tantrum in 2013, we expect long dated EZ yields to increase meaningfully in response to the market anticipating a lower pace of ECB purchases, in turn directly benefiting EUR (similar to the 2Q15 period when Bunds sold off and EUR/USD rallied)," ING ... (full story)