Citi notes that the potential for pronounced dollar weakness will be limited by a soft global economic outlook, while risks of a Greek exit are still very much in place. The successful implementation of the euro-zone's bailout vehicles is by no means assured either, firm says. The bank's valuation model points to a fair value of $1.2650 for the pair. That's far below where the currency trades today: off 0.1% at $1.3112, according to EBS via CQG.
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