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Societe Generale Cross Asset Strategy Research notes that EUR/USD is still way too high when looked at through the lens of any kind of yield differential.

Despite that, SocGen still think it’s just quietly summoning up the energy for a push to 1.20 to make the ECB’s return next month a little more painful, though it too, needs yield support. 

SocGen points to 1.1610 as potential chart support in EUR/USD.

Source: Societe Generale Cross Asset Research