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How To Trade This EUR Resilience? - Credit Agricole
We think that the Eurozone BoP flow backdrop could remain generally supportive for EUR going into year-end. We expect the issuance of EUR-denominated debt to subside further in the next few months. In addition, we expect Eurozone supranationals to increase the issuance of FX debt while Eurozone corporates could start to catch up with their hedging programmes. Indeed, recent anecdotal evidence suggests that the latter remains severely underhedged given the persistent gap between current EUR/USD and their budget rate (which range between 1.20 and 1.25). The closer FX spot moves to the budget rate, the more actively ... (full story)
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