FXstreet.com (Córdoba) – The Euro could extend its rally against the Dollar in the coming months
according to analysts at the Danske Bank. The second round of quantitative easing by the FED and the exit strategy of the European Central combined will pushed the EUR/USD higher the bank affirm.
“The ECB remains committed to its exit strategy. Short money market rates in the eurozone remain elevated but can actually rise more if liquidity is being drained further. Hence, we maintain our call for a gradual dollar depreciation over the coming months and maintain our forecast of EUR/USD to reach 1.45 in three months and continue towards 1.50 on the 12- month horizon unless the monetary policy divergence between the Fed and the ECB abates”,
analyst at the Danske Bank said.
Forex: AUD/USD weekly gains above 300 pips
FXstreet.com (Córdoba) – AUD/USD posted the biggest weekly gain since July and finished above parity for the first time since it’s freely traded. The pair rose more than 300 pips during the week supported by a rate hike in Australia, soaring gold prices and FED’s announcement of more quantitative easing.
“On a longer-term perspective, AUD/USD potentially carries enough of a bullish bias to target upside around the 1.0500 price region, which is a key 261.8% Fibonacci extension level. To the downside, parity now serves as significant support where it previously served as strong resistance before breakout”, said James Chen, chief technical analyst at FX Solutions.
AUD/JPY extended its rally on Friday and reached at 82.60, the highest price in 5 months. The pair accumulates an increase of 330 since Monday’s Asian session.
The Aussie and the New Zealand Dollar were the biggest gainers during the week among the most traded currencies.
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