Citigroup foreign exchange strategists expect the euro to weaken against the US dollar due to the more hawkish stance of the Federal Reserve and the rising tension between the US and Iran. “At a time when artificial intelligence is favorable, real interest rates are attractive, and risk premiums related to the euro are rising, US capital flow trends still support the US dollar,” Citi's Daniel Tobon and Brian Levine said in the report. Citigroup strategists lowered the EUR/USD 3-month forecast to 1.135 and the forecast for the next 6 to 12 months to 1.13.

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