Dollar to continue its slide next year
Based on our view on the greenback, we expect euro/dollar's upward move to accelerate at the beginning of 2005 while, for the reminder of this year, the pair should remain within the existing trading range 1.1900–1.2450. The decline in option volatility to the lowest levels reported so far this year supports this view. Given the experience of recent months, trading activity within the range should be erratic, and market participants will be quick to take early profits.
Three- and six-month
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