EUR/AUD, EUR/NZD: To Remain Supported On Dips; More Upside In EUR/NZD – Nomura

Nomura FX Strategy Research expects further rallies in EUR/AUD and EUR/NZD.

We anticipate a re-test of the early June highs in EUR/AUD. That said, the pace of appreciation is likely to be slower than the swift move up observed in late April/May.

With ECB policy normalisation approaching, EUR’s sensitivity to incoming data should increase and, although we remain upbeat on the Eurozone’s prospects, the data are unlikely to be a one-way story,” Nomura argues.

“Nevertheless, we remain prepared to ride out the near-term volatility and expect EUR/AUD and EUR/NZD to be supported on dips,…Given our more cautious NZD stance, EUR/NZD also looks to have more upside potential. ” Nomura adds. 

Source: Bank of America Merrill Lynch Rates and Currencies Research

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