裕信银行：市场已充分消化欧美央行政策差异 欧美难以大幅走高

Core Viewpoint - Analysts from UniCredit Bank's investment research institute indicate that the euro to dollar exchange rate is unlikely to rise significantly further as the market has already priced in the interest rate expectations of the Federal Reserve and the European Central Bank [1] Summary by Relevant Sections - Interest Rate Expectations - The forward rates for the year 2026 have incorporated expectations that the European Central Bank will maintain interest rates unchanged and that the Federal Reserve will implement a reduction of approximately 150 basis points [1] - Target Exchange Rates - The analysts have set the target exchange rate for the euro to dollar at 1.20 for Q4 2025 and 1.23 for Q4 2026 based on their latest baseline scenario forecast for the Federal Reserve [1]