In view of Richard Franulovich, Strategist at Westpac, the pair points to further consolidation between 1.0800-1.1350 for the time being.
“Not a lot to do in EUR/USD right here as it ambles in a rough 1.08-1.1350 range and long term moving averages turn almost perfectly horizontal. Long term range-break should ultimately still occur to the downside though”.
“The theme of US-Eurozone growth and policy divergence is very well worn but should get another good airing in coming months”.
“Draghi, Praet and Villeroy in recent days have all walked back from Draghi’s press conference view that no further easing is on the cards”.
“Meanwhile in the US, key leading indicators such as the regional PMIs are rising strongly and our US data surprise index has some distance to run higher before it tops out”.
“A few more weeks of steadier/stronger US data should reduce Fed anxiety and revive tightening expectations, certainly ahead of their 15 June meeting and possibly even as soon as their 27 April meeting”.
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