EUR/USD: To Rebound Heading Into Or Immediately Following ECB March Meeting
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Eurozone final February manufacturing PMI fell to 51.2, which coupled with yesterday’s release indicating a return to eurozone deflation, should continue to boost expectations for significant ECB easing next week, notes BNP Paribas.
"While we agree the ECB is likely to act, we think the EUR could rebound vs. the USD heading into or immediately following the meeting, with the fragile risk environment and falling inflation expectations likely impairing the easy recycling of the eurozone’s large current account surplus," BNPP argues.