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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