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Analysts at JP Morgan have revised their estimates for the euro-dollar ratio downwards, expecting $ 1.14 by the end of the year, compared to the previously expected $ 1.16. For 2022, the outlook is an exchange ratio of $ 1.12.
Analysts motivated the downgrade “mainly due to the increase in uncertainty regarding the duration of the weakening phase of global growth, which is now also impacting the euro area”.
“The European industry – continues JP Morgan’s note – has been facing supply bottlenecks for some time – with German car production at a level 50% lower than pre-pandemic levels – and now there is also a potential strong braking element, represented by the jump in natural gas prices, to which Europe is particularly exposed “.