10 Mar 2015
AUD/EUR next bullish target at 0.7250 – Westpac
FXStreet (Barcelona) - With ECB’s QE drowning EUR, Sean Callow of Westpac, gives the outlook for AUD versus the single currency.
Key Quotes
“AUD and EUR are both likely to struggle versus USD in coming weeks, limiting the scale of movement in the cross rate. However, AUD is arguably already pricing a sufficiently gloomy outlook on the RBA cash rate and commodity prices.”
“Despite the lengthy anticipation of the ECB’s broader QE program which starts this week, QE is likely to keep chipping away at EUR multi-week and multi-month.”
“This should leave AUD/EUR tilting towards the Sep 2014 highs around 0.7250 (EUR/AUD eyeing Sep 2014 lows around 1.38) over the next 4-6 weeks.”
Key Quotes
“AUD and EUR are both likely to struggle versus USD in coming weeks, limiting the scale of movement in the cross rate. However, AUD is arguably already pricing a sufficiently gloomy outlook on the RBA cash rate and commodity prices.”
“Despite the lengthy anticipation of the ECB’s broader QE program which starts this week, QE is likely to keep chipping away at EUR multi-week and multi-month.”
“This should leave AUD/EUR tilting towards the Sep 2014 highs around 0.7250 (EUR/AUD eyeing Sep 2014 lows around 1.38) over the next 4-6 weeks.”