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11 Jun 2014
Expect further EUR/USD downside - Westpac
FXStreet (Bali) - Richard Franulovich, FX Strategist at Westpac, expects further losses in the EUR over coming weeks.
Key Quotes
"The euro's immediate post-ECB bounce looks to have run its course. We believe further losses are in store over coming weeks. We would not get carried away with aggressive downside targets though - some aspects of the ECB's easing package arguably strengthen the fabric of the region and may well encourage inflows."
"Foreign investors for example may buy Eurozone ABS safe in the knowledge that they can ultimately sell their holdings to the ECB down the road. Yields on core Eurozone bonds may increase if the ECB's package is successful in raising lending and reducing deflation risk. Reserve diversification flows have stymied EUR downside and may well continue going forward too."
Key Quotes
"The euro's immediate post-ECB bounce looks to have run its course. We believe further losses are in store over coming weeks. We would not get carried away with aggressive downside targets though - some aspects of the ECB's easing package arguably strengthen the fabric of the region and may well encourage inflows."
"Foreign investors for example may buy Eurozone ABS safe in the knowledge that they can ultimately sell their holdings to the ECB down the road. Yields on core Eurozone bonds may increase if the ECB's package is successful in raising lending and reducing deflation risk. Reserve diversification flows have stymied EUR downside and may well continue going forward too."