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27 Apr 2016
EUR/USD: buying weakness at 1.1050 / 1.1170 - Westpac
Analysts at Westpac explained they are still trying to buy EUR on weakness at 1.1170, 1.1050.
Key Quotes:
"EUR hardly appealing but USD negatives continue to loom - anemic Q1 growth and a dovish Fed bias - likely to contain any incipient EUR weakness to no more than 1.1150-1.1200."
"Increasingly concerned that tepid Q1 US growth may not merely be an artifact of residual seasonality and thus may not be followed by a strong Q2 bounce."
"Inclement weather typically the main driver of Q1 softness but one cannot point to that this year. Moreover, the renewed slump in the Philly Fed Index bears watching."
Key Quotes:
"EUR hardly appealing but USD negatives continue to loom - anemic Q1 growth and a dovish Fed bias - likely to contain any incipient EUR weakness to no more than 1.1150-1.1200."
"Increasingly concerned that tepid Q1 US growth may not merely be an artifact of residual seasonality and thus may not be followed by a strong Q2 bounce."
"Inclement weather typically the main driver of Q1 softness but one cannot point to that this year. Moreover, the renewed slump in the Philly Fed Index bears watching."