TD thinks it's time to sell the euro
The weekly FX pick from TD is to sell EUR/USD. The recommend selling from spot 1.1874 with a target of 1.1700 and a stop at 1.1975.
"Though FX/equity correlations remain elevated, beats have shifted in such a way that optimism in risk assets is not resonating as much in FX. The USD trades too cheap relative to slowing global mobility trends," TD notes.
They also highlight that their technical and seasonal models highlight the scope for US dollar strength.
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For bank trade ideas, check out eFX Plus
