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EURO-DOLLAR: VIEW: Goldman Sachs note that "the EU Recovery Fund inched closer
to becoming a reality with an expanded proposal from the Commission and limited
protests from the smaller Northern European member states. The Recovery Fund
could represent a major step toward greater fiscal policy coordination in the
region and a new source of highly-rated Euro-denominated debt for global
investors. While there are a number of remaining uncertainties, we now have more
confidence that the Euro will participate in any broad Dollar weakening, and are
therefore bringing forward the appreciation in our forecasts. Specifically, we
are revising up our 3m/6m/12m targets to 1.12/1.15/1.17 respectively, from
1.08/1.10/1.15 previously. At current levels we do not consider long EUR/USD an
attractive directional trade, but we would have a slight preference for USD vs
EUR funding, given our forecasts."