EUR/USD set for correction, but not a reversal – ABN AMRO

The firm expects some near-term profit taking, pushing EUR/USD towards 1.15

euro-dollar-chess
Game on: the euro has risen some 14% against the dollar since the start of the year

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The rise of nearly 14% in EUR/USD since the beginning of this year has been too much too fast for the pair, which is now set for a correction, though not a trend reversal, according to Georgette Boele, co-ordinator of FX & precious metals strategy at ABN AMRO.

Following the muted tone from European Central Bank (ECB) president Mario Draghi and Federal Reserve chair Janet Yellen at the annual Jackson Hole meeting, along with the escalating political tension surrou

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