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HSBC: Euro may weaken

HSBC: Euro may weaken

07 December 2010 10:44 (UTC +04:00)

â€œIn 2011, we envision greater headwinds for the euro as sovereign fears continue to linger,â€ wrote analysts led by David Bloom, global head of currency, in an investor note today. â€œThe Europeans are confronting their fiscal nightmare right now, right here, and hence the retracement in the euro to a fair value point. The U.S. still has at some point to go through this process and that too will be very ugly. When the market focuses on that factor, the euro will recover.â€

HSBC had previously forecast the euro to trade close to $1.35 through 2011.

The euro pared three days of gains, depreciating 1 percent to $1.3277 as of 4:30 p.m. in London. It slid 0.9 percent against the yen to 109.75.

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