Key quotes (via Bloomberg)
“Focus will once again turn to specific growth outcomes across countries.
US management of coronavirus crisis has been “suboptimal”, and there are large fiscal cliffs ahead, which could push EUR/USD to $1.20.
We would frame dollar weakness around two stages.
Stage 1: the removal of the dollar risk premium, EUR/USD to 1.15. This has been the most important driver of the dollar so far.
Stage 2: the end of dollar exceptionalism.”