EURGBP & EURNZD
EURGBP rallies on the best of both worlds, propped by broad USD weakness (always a EUR-positive) and dovish comments from the Bank of England. But as USD stabilizes, EUR retreat vs. USD may be less than of GBP as ECB reviews whether it will continue its 12-month tenders in contrast to the BoE decision to expand QE. Improved oscillators in EURGBP and the testing of the 3-month trend line resistance will likely pave the way for an interim target of 0.9070, followed by 0.9150. EURNZD is seen gaining ground ahead of NZ retail sales tonight exp to weaken to 0.4% from 1.1%. And with RBNZ renewing its calls for NZD strength being a hindrance, broad NZD weakness would be among the first developments at the first sign of stocks pullback as Dow fails at the 50% retracement.
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