(Bloomberg) -- The euro will likely advance to its highest level since 2021, as the dollar is set to weaken with the Federal Reserve signaling a pause in rate hikes and the European Central Bank continuing to tighten policy, according to Deutsche Bank AG.
“We see EUR/USD continuing its drift higher toward 1.15 by mid-year,” says Tim Baker, head of macro research in Sydney, Australia. “While the Fed now seems open to a pause, the ECB may still have work do to and we expect it to accelerate its QT program,” he added.
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Investors will be monitoring how the currency reacts to ECB's policy decision due later Thursday where it is expected to raise its deposit rate 25 basis points to 3.25%.
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