EUR/USD eyes 1.14-1.15 in the short term – Westpac

Macro Strategist at Westpac Tim Riddell sees the pair testing the 1.14-1.15 area in the near term.

Key Quotes

“EUR is likely to remain well supported by data for core Europe and underscore the region’s trade surplus advantage”.

“The recent ZEW survey showed a sound rebound in expectations, after its Brexit induced fall. The solid current conditions imply little impact from UK’s Brexit vote so far. If next week’s German PMI data affirm the solid ZEW survey, EU’s core strength will underpin EUR, while concern over Fed projections and US elections are likely to be the key external factors influencing EUR”.

“Support in the 1.11s should allow EUR/USD to test the 1.14-1.15 area in the near term”.