EUR/USD has likely bottomed out for now – Nordea

The US Dollar's stellar run has continued with EUR/USD bottoming out at 1.06 this week. Economists at Nordea analyze the world's most popular currency pair outlook.

Higher EUR/USD ahead

Lower than expected EU inflation and reduced rate hike pricing in Europe, stronger than expected US data, better US stock performance compared to European stocks, and the resolution of the debt ceiling have all contributed to a lower EUR/USD. 

We believe that EUR/USD has bottomed out for now and see a higher cross ahead.