EUR/USD Upside Capped Near 1.14 – Westpac
Strategists at Westpac have hinted at the possibility that the pair’s upside could struggle around 1.1400.
“Not a lot to do or say while EUR/USD ambles in a wide 1.08-1.14 range for yet another week”.
“Major negative revisions to Q1 US growth forecasts put a dampener on the EZ-US growth and policy divergence theme but this bullish USD story should reassert itself in due course, pushing EUR back to the bottom of its wide 1.08-1.14 range”.
“Weak hard data for Q1 is mostly a Jan/Feb story. Since then US financial conditions have eased materially and the regional PMIs for March - more up to date reads on the US economy - have bounced aggressively. EUR unlikely to sustain gains above 1.14 for any amount of time”.
(Market News Provided by FXstreet)