Liquid Insight: Bearish EUR views from across the pond

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Liquid Insight: Bearish EUR views from across the pond

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Liquid Insight

Bearish EUR views from across the pond

Key takeaways 18 June 2026

Rates and Currencies Research• US investors appear uniformly bearish on Europe, citing limited progress on reforms

Global and German fiscal, and several risks

• We expect data to weigh on EURUSD in summer but are bullish further out, on growth

convergence & low expectations bar for EUR GlobalMLI (UK)Rates & Currencies Research

• Several US clients asked about European FX hedging. Here we provide a brief update Michalis Rousakis

FX Strategist

MLI (UK)

By Michalis Rousakis +44michalis.rousakis@bofa.com20 7995 0336

Chart of the day: EURUSD sentiment and positioning have turned bearish. But positioning Oliver Levingston

lags sentiment and neither has reached the extremes observed in 2022 and 2024 FXMerrilland LynchRates (HongStrategistKong)

EUR vs USD view and positioning since 2021 +852 3508 4631

oliver.levingston@bofa.com

80 See Team Page for List of Analysts EUR view - USD view EUR exposure - USD exposure

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