The euro remains heavy as tensions in Ukraine rise. The pair EUR/USD could plunge to June 2002 low near 0.9305, BBH economists report.
Ukraine is heating up again
“With the deterioration of fundamental data, andwe expect the euro to break below this month’s cycle low soon near 0.9865and keep our medium-term target at the June 2002 low near 0.9305.”
“The Russian president announced a partial mobilization of troops. This comes just after it was announced yesterday that the Russian-controlled areas of Donetsk and Luhansk will vote to join it in the coming days. Ukraine and the West will not recognize these votes.” , so tensions are likely to remain high with no diplomatic solution in sight, so the fighting could easily spread if Ukraine makes any effort to retake these regions.”
“Increasing risk-off impulses suggest that markets had become too complacent on Ukraine in recent weeks.”
Source: Fx Street
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