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US-Dollar, Japanese Yen, Swiss Franc

During the last few weeks, the EURUSD has continued its sideways movement. Obviously, in this environment of high volatility in equity and bond markets, investors found it difficult to favor any currency. The most recent interest rate decision in the US cannot immediately give the exchange rate any direction. Even though the statements on the economy and the further development of interest rates generally surprised the markets and turned out to be more positive than expected. For us, the factors that speak for the dollar continue to predominate. Agreement seems to have been reached in the conflict between the European Commission and Italy, but at the same time Brexit remains completely unclear and thus a negative factor for the euro. Most important for our forecast, however, is the outlook for further increases in US interest rates, while in the euro zone the first interest rate step could be taken in September 2019 at the earliest.