VIEW: Goldman Sachs note that...........>

EURO-DOLLAR: VIEW: Goldman Sachs note that "relative to a few months ago, the

outlook for the Euro area is more positive. The policy response has been swifter

and more robust than feared, the virus outbreak looks to have been successfully

curtailed, and economic activity is rebounding faster than expected. The

currency has already rallied to reflect these developments, and now sits close

to our 3m forecast of $1.12. At the same time, the potential for new positive

catalysts over the very short term seems more limited. Discussions on the

Recovery Fund have settled on a slower track, as expected, and the final package

is likely to be whittled down as the negotiations continue through the summer.

Next week's PMIs should confirm that activity is improving, but recent

developments on virus containment abroad serve as a reminder that uncertainty is

still high. We believe the Euro will appreciate in the months ahead, but that

will require stronger activity and lower tail risks to allow for gradual

portfolio reallocation."