The bank estimates that the dollar has reached a record high in both nominal and real terms, while the number of long dollar positions has also reached a record high

Рынок «выбирал» благоприятную для роста политику США, включая снижение налогов, дерегулирование и повышение эффективности государственного управления, игнорируя стагфляционную политику, такую как тарифы и ограничение миграции, или политику, направленную на сдерживание роста, например сокращение государственных расходов.

At the same time, market expectations for any EU reforms in response to significant losses incurred due to the pandemic and challenges posed by new US policies have been extremely low, if any.

“All of this leads us to believe that we have significantly underestimated the Upside risks for eUR/USD This year,” bank Of america Said.

“These EU reforms are far greater than we expected even in our optimistic baseline forecast, and we recently raised our euro-dollar forecast from 1.10 to 1.15 by the end of 2025 and from 1.15 to 1.20 by the end of 2026,” Bank of America said.