NZD/EUR rebound could extend to 0.6000 - Westpac
|According to Imre Speizer, Research Analyst at Westpac, NZD/EUR’s recent rebound could extend to 0.6000 - the Nov high.
Key Quotes
“Two key releases undershot expectations in the past week: CPI and retail sales. The event calendar during the week ahead includes ZEW surveys (12th), GE final CPI, EZ ind prod & EZ Q3 empl. (13th), early Markit flash PMIs (14th). The highlight event will be the ECB decision on 14th. Muted inflationary pressures and the inability of Merkel to form a working coalition suggest that ECB policy will be decidedly unchanged.”
“3 months ahead: European economic data is improving, witness sentiment surveys at multi-year highs. However, after easing recently, political tensions in the EU could still resurface, with disconcerting rises in periphery parties in Germany and the prospect of Italian elections in H1 18. A German coalition may take months to form. Barring political shocks, though, NZD/EUR should gravitate lower towards 0.56.”
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