ANZ: EUR/USD will continue uptrend
Analysts at ANZ point out that EUR gained 6% versus its main counterparts this year. This happened despite the fact that the ECB lowered interest rates to the record low, the euro zone’s economic recovery isn’t very convincing and the region’s unemployment remains extremely high.
ANZ concludes that the EUR depends not on comparative growth dynamics, but on a large current account surplus, improving fiscal position and the union’s progress in resolving the crisis and deepening economic integration. According to the specialists, this situation is unlikely to change in 2014. In their view, the uptrend will remain in place, especially against AUD and NZD. ANZ expects EUR/USD to trade in the $1.40/45 range.