BNP Paribas: buy EUR/USD
Analysts at BNP Paribas recommend buying EUR/USD at 1.1290 with Take Profit at 1.1600 and Stop Loss at 1.1140.
According to the specialists, the euro will benefit in the risk off environment as the euro area has a large current account surplus. The US dollar, on the other hand, will lose to the single currency because the Federal Reserve will likely remain dovish and put off further rate hikes.
The European Central Bank (ECB) is expected to leave its policy unchanged. BNP Paribas doesn’t expect the event to hurt the euro much.