Disappointment with Trump continues to harm dollar – CIBC

EUR/USD is expected to trade at $1.20 by year-end and hit $1.23 in Q3 2018

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Euro gains: "We are not in a scenario where we expect it to stay the ECB’s hand” – Jeremy Stretch

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Pessimism over the Trump administration’s ability to deliver its promised fiscal stimulus measures will continue to weigh on the US dollar, according to Jeremy Stretch, head of G10 FX strategy at CIBC.

“We entered 2017 with an almost irrational US dollar enthusiasm via the anticipated Trump reflation trade. That optimism reversed to detail excessive pessimism as regards the possibility of the Trump administration being able to garner any fiscal boost,” he says.

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