In view of the analysts at ING, Eurozone 1Q17 GDP released yesterday showed some welcome geographic broadening of growth and growth in the CE4 region was very impressive indeed, making CE4 currencies the best performers in the world yesterday – a trend ING expect to continue.
“Expect the EUR to perform well as investors: a) re-assess whether it needs to stay so under-valued, b) prepare for a change in ECB rhetoric at the June 8th meeting (ECB’s Couere yesterday said that a rise in bond yields was a benign increase in the term premium) and c) use it as a safe haven to hedge Trump political risk (EZ has a 3%+ current account surplus). Technically EUR/USD looks as though it can run on to 1.1200 and potentially 1.1300 near term.”
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