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JPMorgan cuts euro, Canadian dollar forecasts

Reuters
FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, U.S., September 19, 2013. REUTERS/Mike Segar (Reuters)

LONDON (Reuters) - Investment bank JPMorgan has cut its forecasts on the euro and the Canadian dollar versus the greenback, downgrading year-end exchange rate expectations by 4 percent and 2.5 percent respectively.

JPM saw the euro trading at $1.20 by end-2018 versus a previous $1.25 forecast, and recovering slightly to $1.23 by the second quarter of 2019 <EUR=EBS> in a note received on Monday.

It cited softer euro zone economic data and political uncertainty as reasons for the downgrade.

The bank also cut forecasts on the Canadian dollar to C$1.27 <CAD=D3>, from its previous C$1.24 expectation, noting trade tensions with the United States and the possibility of lower oil prices.

The pair is currently trading at the day's lows of C$1.30, having fallen 3.2 percent so far this year.

(Reporting by Sujata Rao; Editing by Saikat Chatterjee)