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Societe Generale experts believe that the time has come to buy the euro, as pessimism about the prospects of the European economy will gradually come to naught.
"Market sentiment towards the single European currency has improved significantly. It allows counting on the growth of the euro against the dollar to the level of $ 1.16," representatives of the financial institution said.
According to them, the determining factor for the EUR/USD pair now is not the difference in interest rates or government bond yields, but the expectation of economic growth.
"Last year, negative expectations led to a sharp decline in the euro. However, now these expectations are unjustified and it is time to rethink," the Societe Generale believes.
Today, the EUR/USD pair, noting weekly highs, rose above 1.12 against the background of strong Eurozone statistics.
According to Eurostat, in the first quarter, the GDP of the currency bloc expanded by 1.2% in annual terms with a growth forecast of 1.1%. Compared to the fourth quarter, the indicator increased by 0.4%, while previously it was expected that the indicator will accelerate by 0.3%.
The data released today on unemployment in the eurozone also exceeded the expectations of experts. In March, the indicator fell to the lowest level since September 2008 and amounted to 7.7% against 7.8% in February. Analysts predicted that the indicator would remain unchanged.
Thus, the region's economy is still developing despite the pessimistic predictions of the ECB, but there are still few reasons for optimism, given the political risks associated with Brexit and the upcoming parliamentary elections in the EU.
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