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19 Mar 2013
Forex Flash: Draghi optimism waning in Europe? – Westpac
FXstreet.com (Barcelona) - According to Sean Callow, a Global FX Strategist at Westpac, “With the Eurozone likely to remain in recession this year, EZ debt concerns lingering and Australia’s terms of trade still historically high, the EUR/AUD will remain well south of the long-term average into 2014.”
Moreover, the sharp reduction in the RBA rate cut pricing over the past month kicked off with the better than expected CAPEX survey and extended on the RBA statement and retail sales bounce.
In Europe, ECB president Draghi was understandably rather less upbeat after the March ECB meeting than in January-February when optimism was peaking over both financial conditions and glimmers of hope for the real economy.
Moreover, the sharp reduction in the RBA rate cut pricing over the past month kicked off with the better than expected CAPEX survey and extended on the RBA statement and retail sales bounce.
In Europe, ECB president Draghi was understandably rather less upbeat after the March ECB meeting than in January-February when optimism was peaking over both financial conditions and glimmers of hope for the real economy.